{"id":12815,"date":"2023-12-16T16:10:52","date_gmt":"2023-12-16T10:40:52","guid":{"rendered":"https:\/\/blog.bigproperty.in\/?p=12815"},"modified":"2023-12-16T16:10:53","modified_gmt":"2023-12-16T10:40:53","slug":"latest-news-on-chennai-real-estate-government-3-tier-guideline-values","status":"publish","type":"post","link":"https:\/\/bigproperty.in\/blog\/latest-news-on-chennai-real-estate-government-3-tier-guideline-values\/","title":{"rendered":"Latest News On Chennai Real Estate: Government 3-Tier Guideline Values"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/bigproperty.in\/blog\/latest-news-on-chennai-real-estate-government-3-tier-guideline-values\/#The_Three-Tier_Guideline_Value\" >The Three-Tier Guideline Value<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/bigproperty.in\/blog\/latest-news-on-chennai-real-estate-government-3-tier-guideline-values\/#Industry_Reaction_and_Advocacy_for_Legislative_Intervention\" >Industry Reaction and Advocacy for Legislative Intervention<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/bigproperty.in\/blog\/latest-news-on-chennai-real-estate-government-3-tier-guideline-values\/#Addressing_Concerns_Restoration_of_Composite_Guideline_Values\" >Addressing Concerns: Restoration of Composite Guideline Values<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/bigproperty.in\/blog\/latest-news-on-chennai-real-estate-government-3-tier-guideline-values\/#Conclusion\" >Conclusion:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/bigproperty.in\/blog\/latest-news-on-chennai-real-estate-government-3-tier-guideline-values\/#Latest_Blogs\" >Latest Blogs<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>In a strategic move, the state government of Chennai, just a week after introducing a novel three-tier guideline system for apartment complexes, has decided to retract the order. The focus now shifts back to the conventional street and road-based composite values for registration.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Three-Tier_Guideline_Value\"><\/span><strong>The Three-Tier Guideline Value <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The initial three-tier guideline value aimed to establish a uniform standard for apartment complexes in different neighborhoods. Basic, premium, and ultra-premium categories were defined based on the amenities offered. However, this formula faced criticism from both developers and homebuyers. The higher registration charges imposed raised the primary concern, overlooking the typical variance in guideline values for apartments even within the same vicinity.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=bigproperty.in&amp;pcampaignid=web_share\" style=\"border-radius:2px;background-color:#ba0c49;color:#fffffa\"><strong>Download App<\/strong><\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link has-text-color\" href=\"https:\/\/www.whatsapp.com\/channel\/0029VaAUFkA9sBIBN\" style=\"border-radius:2px;color:#ba0c49\"><strong>Follow WhatsApp Channel<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Non-uniform Guideline Values: A Real Challenge<\/strong><\/h3>\n\n\n\n<p>For instance, on Anna Nagar Second Avenue, a flat could have a considerably higher composite guideline value compared to a unit on the 6th Main Road. The adjacent lanes might exhibit even lower values. The three-tier formula from last week overlooked these variations, compressing the diverse range into just three categories.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Industry_Reaction_and_Advocacy_for_Legislative_Intervention\"><\/span><strong>Industry Reaction and Advocacy for Legislative Intervention<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>P Kruthivas, the secretary of Credai, emphasized the need for a more considerate approach. He pointed out that the abrupt implementation of the three-tier formula led to registration charges hikes and erratic guideline values. Kruthivas recommended that the government should not rush major announcements through government orders; instead, it should make comprehensive changes through legislative acts.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Builders&#8217; Perspective and Economic Implications<\/strong><\/h3>\n\n\n\n<p>Builders, especially in areas like Anna Nagar and Poonamallee, observed a surge in house prices ranging from Rs 6 lakh to Rs 8 lakh due to the registration hikes. They proposed that the government should incentivize the Chennai housing sector to stimulate growth.<\/p>\n\n\n\n<p><strong>Also Read:<\/strong> <em><a href=\"https:\/\/bigproperty.in\/blog\/\/chennai-metro-updates-new-routes-map-timings-and-charges\/\">Chennai Metro<\/a><\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Addressing_Concerns_Restoration_of_Composite_Guideline_Values\"><\/span><strong>Addressing Concerns: Restoration of Composite Guideline Values<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In response to the realty sector&#8217;s concerns, officials have assured a return to the composite guideline values. This approach will consider various factors, including roads, main roads, streets, and lanes in different localities to determine guideline values. Officials state that the Directorate of Registration (DIG) will carefully establish these values, recognizing the intricacies of the process.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Collaborative Dialogue for Future Decisions<\/strong><\/h3>\n\n\n\n<p>In a meeting with P Moorthy, the Minister of Commercial Taxes and Registration, real estate members discussed rolling back registration charges and adjusting three-tier composite values. G Mohan, president of the Chennai Southern Builders Association, urged the government to involve builders&#8217; associations in committees for informed decisions about the construction industry.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion: <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The government&#8217;s decision to revert to composite guideline values signifies a responsive approach to the concerns raised by the real estate sector. The ongoing dialogue between the government and industry stakeholders is crucial for fostering Chennai&#8217;s balanced and thriving construction environment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Frequently Asked Questions (FAQ&#8217;s)<\/strong><\/h3>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1702721778935\"><strong class=\"schema-faq-question\">1Q: <strong>What prompted the government to revert to composite guideline values?<\/strong><\/strong> <p class=\"schema-faq-answer\"><strong><em>Ans: <\/em><\/strong>The three-tier guideline faced criticism for higher registration charges, leading the government to revert to the conventional composite values.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1702721817261\"><strong class=\"schema-faq-question\">2Q: <strong>How did the three-tier formula impact housing prices in specific areas like Anna Nagar and Poonamallee?<\/strong><\/strong> <p class=\"schema-faq-answer\"><strong><em>Ans:<\/em><\/strong> Builders noted a surge in house prices by Rs 6 lakh to Rs 8 lakh due to the registration hikes in areas like Anna Nagar and Poonamallee.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1702721848725\"><strong class=\"schema-faq-question\">3Q: <strong>What is the proposed solution to address concerns raised by the realty sector?<\/strong><\/strong> <p class=\"schema-faq-answer\"><strong><em>Ans:<\/em><\/strong> Officials have assured a return to composite guideline values, considering various factors such as roads, main roads, streets, and lanes in different localities.<\/p> <\/div> <\/div>\n\n\n\n<div class=\"wp-block-group has-background\" style=\"background-color:#b9b9b9\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"has-text-align-center wp-block-heading\"><span class=\"ez-toc-section\" id=\"Latest_Blogs\"><\/span><strong><span class=\"has-inline-color has-vivid-red-color\">Latest Blogs<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-background\" style=\"background-color:#d1d4d7\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image\"><a href=\"https:\/\/bigproperty.in\/blog\/bhu-bharati-portal-telanganas-new-land-record-system-key-features-benefits\/\" aria-label=\"Bhu Bharati Portal: Telangana\u2019s New Land Record System-Key Features &amp; 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The focus now shifts back to the conventional street and road-based composite values for registration. The Three-Tier Guideline Value The initial three-tier guideline value aimed to establish [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":12816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3528,55],"tags":[4073,4074,4075,4071,4072],"class_list":{"0":"post-12815","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-chennai","8":"category-latest-news-update","9":"tag-chennai-housing-market-dynamic","10":"tag-composite-guideline-value-restoration","11":"tag-latest-news-on-chennai-real-estate","12":"tag-real-estate-pricing-variations","13":"tag-three-tier-formula-impact"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Latest News On Chennai Real Estate: Government 3-Tier Guideline Values<\/title>\n<meta name=\"description\" content=\"The government has reversed the previous Chennai real estate three-tier guidelines standard for flat assessments, deciding to reinstate street\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bigproperty.in\/blog\/latest-news-on-chennai-real-estate-government-3-tier-guideline-values\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Latest News On Chennai Real Estate: Government 3-Tier Guideline Values\" \/>\n<meta property=\"og:description\" content=\"The government has reversed the previous Chennai real estate three-tier guidelines standard for flat assessments, deciding to reinstate street\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bigproperty.in\/blog\/latest-news-on-chennai-real-estate-government-3-tier-guideline-values\/\" \/>\n<meta property=\"og:site_name\" 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