Chennai Corporation upsurges rental rates of shops
Posted on: 21/Jun/2017 11:43:49 AM
According to the market value, the Chennai Corporation has raised rental rates of shops throughout the city.
Traders plea to the Corporation for reducing the rent back, as the price hike is of the range of 9 to 10 times in a few areas.
The Corporation had made an announcement a few years ago that the rental rates for shops are to get increased.
As per recommendations of Corporation’s Revenue Department, the initiative to surge rent is now taken.
On the basis of market value:
Based on the market value in the present year, a circular about revision in rental rate was rolled out by the department. For instance, at ward 35 of Muthamizh Nagar, the rent per sq ft throughout all the 94 shops is Rs 11.
According to market value, the rent is likely to be Rs 20 per sq ft. Similarly, in ward 39 of Suryanarayana Street, the rental value of new shops are to be of Rs 30 per sq ft. The rent for corporation shops in Motttai Thottam in Ward 48 is increased from Rs 7 to Rs 25 per sq ft. For every 3 years, there is revision in rental rate brought by the Corporation.
