Governmental valuation is 10-45 percent less than actual market price
The guideline value of the properties in Chennai are 10 to 45 percent less than the actual market price.
After five years the Chennai government has revised the Guidelines values last year. This value is used by the government to access the value of the property for collecting the service tax.
Growing demand for housing properties in Chennai has resulted in a steady rise in apartment prices both in the city and the suburbs over the last six months. That is the main reason the guideline value is less than the actual market price.
According to a recent analysis, Chennai is one of the fastest growing real estate markets among all metros in India.
Though the guideline values were low, builders kept apartment prices high.
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Source: Times of India
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