A shocker now for home buyers etc!! A new 3 tier guideline value for the apartment complexes in Chennai!!
Posted on: 08/Dec/2023 9:30:37 AM
Already the Chennaites have been facing lots of issues now due to Cyclone Michaung. Now, the residents would have to come to terms with another shocker. The latest news is that the TN government has announced a 3tier guideline value for the apartment complexes. It is now said that from now on the apartment complexes would have a uniform guideline value for 3 categories.
It must be noted that till now the guideline value has been different for project to project even on the same road in the same neighbourhood. Information is that the value for Mylapore is 16000, 18000 and 22000 per square feet for the basic, premium and ultra premium products. In the entire Mylapore, no residential unit could be booked for a guideline value below 16000
It must be recalled that earlier the guideline value for an interior road in Mylapore was Rs 9000 per sq ft and closer to Radhakrishnan Salai was Rs 15000 per sq ft. For Koyambedu the 3 slab rates would be Rs 14000 Rs 18000 and Rs 21000 respectively.
It was mentioned by an officer from the registration dept that the basic composite guidelines value refers to an ordinary complex. Under the premium category complex, swimming pools and club house etc would be included and under the ultra-premium, more amenities would be present.
It is important to note that this flat value would be applicable for the apartments only and not for the individual houses/plots etc.
Mr. G. Mohan, president Chennai Southern Builders Association explained that every street has a separate selling price similar to the guidelines value fixed for the land. He was of the view that there would be a drop in the sales due to the new policy.
