July 3, 2024: The updated guideline values for properties in Tamil Nadu were implemented on July 1, 2024, with the exception of the Villupuram revenue district due to the Model Code of Conduct for the Vikravandi bypoll. On June 29, 2024, the State-level Valuation Committee, led by the Inspector General of Registration, approved resolutions from the Valuation Sub-Committees chaired by district Collectors. These sub-committees drafted the guideline values in accordance with the Tamil Nadu (Constitution of Valuation Committee for Estimation, Publication and Revision of Market Value Guidelines of Properties) Rules, 2010.
Before drafting the guideline values, sales data for agricultural, residential and commercial properties were gathered. These draft values were then displayed at Registration Department offices, allowing the public 15 days to provide objections and suggestions. After reviewing this feedback, the sub-committees corrected any discrepancies to finalise the market value guidelines.
In Chennai, the guideline values have increased by more than 10%, covering 2.19 lakh streets and 4.46 crore survey numbers. Significant increases were seen in core Chennai and older corporations like Coimbatore, Trichy, Salem and Vellore, while values in other areas remained unchanged. For instance, the guideline value per square foot (sqft) on Alandur Road rose from Rs 5,500 to Rs 6,100. In Okkiyam-Thuraipakkam, it increased from Rs 6,000 to Rs 6,600 per sqft, and on Abhiramapuram 3rd Street, it went from Rs 16,000 to Rs 17,600 per sqft.
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