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Sambhar Mafia - Cooked To Kill!

Thursday, December 07, 2006

Guideline Value for Chennai Properties

The Tamilnadu government has released the latest version of the guideline value for real estate in various cities across Tamilnadu. The Registration Department’s website provides the detailed information about the guideline value for each street in each locality. Each street is classified as Commercial / Residential area and then categorized according to its worth.

Usman Road is currently Chennai's most expensive stretch, according to recently revised guideline values. The stretch between the T.Nagar bus stand and Panagal Park is valued at Rs. 11,500 per square feet. In other words, a ground here will cost Rs. 2.76 crore.

I did some preliminary search and figured out that the guideline value for GN Chetty Road and Theagaraya Road (Pondy Bazaar) is Rs. 5500. The same for Bazullah Road is Rs. 4000.

This guideline value is only for the land. Actual price for real estate transactions could be much higher than the guideline values and a large amount of black money could be used in these transactions.

posted by Kaps at 4:12 PM

10 Comments:

  • 11,500 per sq.ft is quite hefty sum. Yeah, the real estate prices has zoomed fast in recent year everywhere!

    By Blogger Nirek, at 5:26 PM  

  • am really surprised that the ever congested Usman Road, filled wih pollution and no 'Aachi Kadai' costs this much!
    I feel the low-end life of Velacherry is much better.

    By Blogger Magnolia, at 11:14 PM  

  • property values are going down in the states rite now....

    http://Indian-Recipe.net

    By Anonymous Anonymous, at 11:36 PM  

  • magnolia,
    usman road is a commercial stretch and not a residential location.
    ~~~~~~~~
    actually i dont get this 'guideline price'. As per what i hear, a sqft in Velachery costs 3000-3500 sqft and whats quoted is like 600 :-/

    By Blogger narayanan, at 12:50 PM  

  • nrayanan! lol! u live in antartica, wat do u know 'bout Chennai?

    But even the commercial stretch should look a quarter appealing. Me thinks just a km away, Pondy bazaar much better.

    By Blogger Magnolia, at 12:54 AM  

  • good link kaps. but narayan comments are scary here. in bangalore, the rates have gone by atleast 200 to 400%. thats pretty scariest.

    By Blogger crsathish, at 5:12 AM  

  • in every day prises are increasing i m satisfied with nirek !

    By Blogger Nitin, at 9:36 PM  

  • just 2 years back, one of my relative sold a 3000sq ft-3 storeyed building for just 17 lacs. remarkable thing is the property was in saidapet area! they will cry if they listen to tis now:p

    By Blogger januM, at 9:57 PM  

  • magnolia,
    i dont need be a 'harichandra' in my blogger profile should i ? :) BTW I'm a T.Nagar resident all my life.

    You care so much, but neither the shop owners (especially Saravana Stores who had just one store on Ranganathan Street in the 80s has about 6 stores in the same area, each atleast 10-15 grounds in size) nor the people who come to buy (no matter how many stores are there in their area, have a vendudhal to buy in T.Nagar each year) give a damn how appealing Usman Road is :)

    Sathish, real estate rates increase all the time. maybe they marginally drop sometimes when there is very less demand. Bangalore is 10 times worser than Madras.

    By Blogger narayanan, at 8:34 PM  

  • I asked my dad (he is real-estate area for quite a long time) about this guideline price thingy. This is the price government specifies for a certain area, depending on which the taxation is done when you register the land.

    The guideline price has nothing to do with the prevailing rate/sqft land in that area.

    By Blogger narayanan, at 11:38 AM  

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