CHENNAI: The guideline value of properties in Chennai is set to undergo a drastic change, with the new value expected to come into effect by January 2012, according to sources in the District Collectorate.
The draft guideline value, kept open for eliciting public views, will come into being after clearance from the State Committee of Inspector General of Registration, said Chennai Collector (in-charge) K A Annamalai.
The new draft guideline has classified the residential areas in 59 villages of Chennai into three categories - commercial, residential-commercial and residential areas. The three categories were further classified into rich or elite class, high and middle class, middle class and slums, said official sources.
Revenue officials told Express that the revised draft guidelines were of 14 villages in North Chennai, 24 villages in South Chennai and 21 villages in Central Chennai.
Annamalai said the current draft guideline captured the real market value of the property as the earlier one was four years old and the property prices had risen drastically since then.
Interestingly, the costliest place in the city is Dr Radhakrishnan Salai, which starts from TTK Road to Dr Natesan Salai. The proposed guideline value per square feet is `28,000, while the earlier guideline value per square feet was `19,675. Similarly, the lowest proposed guideline value is of Srinivasapuram in Tondiarpet, which is valued at `1,000 per square feet. This area consists of slums and as such, its value has not increased. Similarly, R K Salai from TTK Road to Dr Natesan Salai is the costliest business area with per square feet costing `31,500. In Nungambakkam High Road, the proposed guideline value per square feet is `23,500. Usman Road stands at `20,000 against its earlier value of `12,000. Koyambedu Market area, which was valued at `2,600 in 2007, now stands at `6,000 per square feet.
Similarly, the proposed guideline value of Gopalapuram is `15,000, while that of Poes Garden is `28,000. Interestingly, the authorities are yet to classify the figures available through various registration departments into â€˜cheapestâ€™ and â€˜costliestâ€™ places. A communiquÃ© had been sent to the departments to classify them accordingly.