Government increase guideline value by upto 10 percent in Chennai

Owning a home in the city will get pricier. Governmnet has increased guideline values for land by upto 10% in the city and a few old corporations, effective July 1, reverting to March 2023, values, but with a slight increase is some areas. The guideline value per square foot on Alandur Road, Rs 5,500 until June 30, is now Rs 6,100. In Okkiyam-Thuraipakkam, it rose from Rs 6,000/sqft to Rs 6,600/sqft and on Abhiramapuram 3rd Street from Rs 16,000/sqft to Rs 17,600/sqft. The revision, covers 2.19 lakh streets and 4.46 crore survey numbers and subdivision numbers. While values in core Chennai and old corporations such as Coimbatore, Trichy, Salem, and Vellore rose significantly, those in other areas remain unchanged. Some builders said this will raise premium FSI (floor space index) charges that will have to be passed on to buyers. The revision, covers 2.19 lakh streets and 4.46 crore survey numbers and subdivision numbers. While values in core Chennai and old corporations such as Coimbatore, Trichy, Salem, and Vellore rose significantly, those in other areas remain unchanged. Registration department offcicials say TN Stamp Rules of 2010 formed sub-committees for each district to revise guideline values. This was implemented in 2012 and in 2017, when guideline values were cut by 33%. A March 30, 2023, circular increased value by 33%, effective April 1, 2023, while reducing registration fee and other charges.

 

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