CHENNAI: 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.
The State Government recently undertook revision of guideline values to come up with a fair indicator of the prevailing market price. A Government-appointed committee examined the existing values, which were fixed on the basis of the previous revision in 2003.
The new values were rationalised based on the analysis of sales statistics, depositions from property owners and spot visits.
K. Durairajan, Assistant Inspector General of Registration, told The Hindu that the highlight of this revision was the reduced number of categories. These had been downsized from around 500 to just 15 segments.
The Registration Department has uploaded the revised guideline value for public scrutiny (www.tnreginet.net) .
Objections, if any, have to be filed before the December 15. After scrutinising the objections, the department will finalise the values. The new guideline values are likely to come into effect from January 1, 2007.