Govt Revise the Guideline Value
Guideline values in Chennai and its suburbs are set to change
significantly. Going by the revision proposed by the State government,
which will be put up for public comments from December 14, values will
increase by two to four fold at many places within the city and by about
five to six fold in the suburbs.
The value of properties in the suburbs particularly along the major roads has been substantially increased. For instance, the existing guideline value in Tiruporur along the Rajiv Gandhi Salai (OMR) is about Rs.400 per square foot, and it is now proposed to be revised to Rs.3,000 per square foot. Similarly the guideline value in Guduvancheri is proposed to be revised from Rs.550 to Rs.4,000 per square foot. Guideline value is the mandatory minimum value for which a property has to be registered. The registration costs, which include eight per cent stamp duty and one per cent registration fee, are based on the guideline value. Hence, any revision in the values would imply increase in the registration costs.