Chennai is one of the most promising cities in South India for real estate as demand arises from both end-users as well as investors. The opening of several job opportunities has led to a favorable response among potential buyers. Chennai is also a price-sensitive market and the end-users prefer affordable housing segments. Chennai has also been a spot for investment among the NRI population. The property value in some of the localities in Chennai are mentioned below:
Average property value
Rs 18,890 per sq. ft.
Rs 12,000 per sq. ft.
Rs 18, 467 per sq. ft.
Rs 9,090 per sq. ft.
2,500 – 7,038 per sqft
Makaan.com has reported that the livable quotient of these cities to be 9.7 out of 10. This also indicates that the social and physical infrastructure of these localities is more comfortable and healthy. The data provided by Makaan.com stated that apartments between Rs 34-43 lakh be the most commonly sought segment which is followed by apartments ranging between Rs 25-34 lakh category and Rs 15-25 lakh category.
In the case of villas, the most popular range is the Rs 10 lakh-Rs 25 crore category, based on the locality and size of the project. The villas situated in the outskirts of the small units are available for a lower price. Some of the common locations in Chennai for the affordable property include Kadambattur, Chengalpattu, Teachers’ Colony and Thirukkazhukundram. Localities such as Injambakkam, Raja Annamalaipuram, Alwarpet, Anna Nagar, Nungambakkam, Kodambakkam, Kelambakkam, etc., are locations for high-end residential properties.
Chennai is a metropolitan city, located on the south-east coast of India and in the north-east of Tamilnadu. The average elevation of the Chennai city is 6.7 meters and the highest point is at 60m. Chennai, the capital city of Tamilnadu is also the fourth largest Metropolitan City in India. Chennai Metropolitan Area consists of 8 Municipalities, 11 Town Panchayat and 179 Village Panchayat.
Government Land Rates in Chennai
The land rate determined by the government of Chennai is called the guideline value of the land. It is based on the metrics of facilities available and also based on the infrastructure growth of the locality. It is also revised periodically to keep them intact with the market rates. Despite this ideal condition, the guideline value is less than the estimated market value in some cities while in others in is higher. Registration of the any value above the guideline value will result in the new value being recorded as the guideline value. Such an action can trigger the review process which is carried out to revise the guideline value.
In cases wherein the guideline value is higher than the market value, it can be brought to the attention of the IG of Registrations for review and correction. The guideline value becomes important while considering the purchase of a property and its registration. It also helps the registering offers determine whether the property has been undervalued in order to avoid the registration charges.
The guideline value is also made available with the registering authority. Authorities such as Chamber of Commerce, other Associations, Agricultural Associations and Panchayat Unions, are also provided the copy of the guideline registers. The guideline value of the property is also considered to charge the stamp duty, registration fees, etc. The minimum guideline value in Chennai is Rs.40 per sq. ft. and the maximum value is Rs.23500 per sq. ft.
Finding the Guideline Value of a Property
The steps to find the guideline value of the property includes:
- Open the Tamilnadu Registration Department online portal
- On the left side of the portal, selection of the zone for which the guideline value needs, can be made. After selecting the zone, you are required to select “search by street name”, which is provided on the right side of the portal.
- Then, you are required to furnish the street name or part of the street name before clicking on search.
- The guideline value will then appear on the next screen.
The data so provided shall also include the street name, village name, sub-registrar office, and guideline value and property classification. The same portal can also be used to determine the guideline value by category. Some of the categories for the guideline value of the properties includes:
- Commercial Category
- Residential Category
- industrial Category
- Agricultural Category
Area Wise Land Rates in Chennai
Some of the area-wise land rates are provided below:
Ambattur Industrial Estate
East Coast Road
The average land rate in Mambakkam is Rs. 2,215 per square feet. The starting price of properties Madhavaram, Chennai is around Rs. 1.80 lakhs while the average price is Rs. 54.39 lakhs. The value of luxurious properties in Chennai range Rs. 2.40 crore.
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Land Rates in Chennai FAQ's:
The best places to invest in Chennai are Perambur, Vadapalani, Kodambakkam, Tambaram and Ambattur. Medavakkam is also a good place to invest as it is reported as the fastest developing place in Chennai.
The land value of the property in Chennai can be determined by visiting the Tamilnadu Registration Department website and searching for the guideline value by following the procedure mentioned above.
The construction cost in Chennai varies between Rs 1450 per sq. ft. to Rs 4500 per sq. ft. The construction goes higher further in cases of luxury and ultra-luxury houses. The average cost for the construction of a normal house in Chennai may be Rs. 14.5 Lakhs while it may cost Rs 45.00 lakh for a uber luxury house.
The construction cost can be calculated by multiplying the built up area and the approximate cost per sq. ft.