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Guideline Values of 2012

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Guideline Values of 2012

Last updated: April 11 2012
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  • #21

    #21

    Re : Guideline Values of 2012

    Finally most awaited guide line comes to effect 1st April, officially refer the below govt website. Draft becomes "Guideline Values from 1-4-2012"; some place there is difference between draft and actual;

    Guideline Value

    Comment

    • #22

      #22

      Re : Guideline Values of 2012

      Originally posted by aswin_kini View Post
      I am finding it amusing that the government has hiked the guideline values for the lands in Chennai. On one end, the government is ensuring that it cashes in on the Real Estate boom and taking its share of the black money that has been pouring like a thundershower. On the other end, homes that were already well out of our reach have now gone skyhigh in prices.

      I wish to ask all the bullish and bearish people here some simple questions.

      1) How many of you can afford to pay a EMI of 30-35k over the next 15-20 years????

      2) How many people in Chennai have an income above 30,000 Indian Rupees (INR)?

      3) If IT people are driving the boom, how come people like my manager, who earns above 24 Lakhs per annum gets frustrated with the landrates and buys a land in his hometown?

      4) As per Economic Times, only 2% of the IT folks in Chennai can really afford to own a decent home 1400-2000 square feet home in Chennai. While I understand that this statistic is a bit exaggerated, I have seen in my neighbourhood that around 25-30 projects have remained unsold, yet the developers hiked the rates from 3400 (March 2011) to 4200 per sq.ft (Latest rates). If there are no buyers, how can the rates be increased at 800 per sq.ft?

      5) When I asked the above questions to my IT colleagues, they greeted it with a sarcastic laugh and told me that most IT families comprise of working couples. So, at an average, an IT couple will earn around 50-60k per month or more and hence they can easily afford homes priced around 34-40 lakhs. My question is that considering that an IT couple, say A and B, earn around 70k per month. Let's say their income post tax is 55k (This is the highest takehome achievable at current tax slabs).

      If they bought a flat/house priced at 35 lakhs (THat's the minimum amount required to buy a 800-900 square feet flat in Chennai today), they will have to pay an EMI of minimum 35k. So, they have only 20 k (55000-35000) for their monthly expenses.

      Considering the couple have installed AC, Washing Machine, System, etc, their electricity bill would easily come to around 2k per month, add a groceries and other expenses to around 6k, they only have 14k remaining.

      Since most of IT folks have a car, considering they bought the car without a loan, they would atleast spend 1.5 - 2k for their car. So, they have only 12 k remaining.

      Now, considering the fact that the salaries are raised at 5-10% every year, and also considering that inflation is already around 10-15% every year, all the salary hikes are neutralized by the rising prices...

      If the couple have a child, the expenses increase around atleast 3-6 k for the first 3 years and more than 10k once the child joins school.


      So, considering the above IT scenario, an average IT family can barely afford a 35Lakh flat. Since IT folks form only 10% of the population, we can easily estimate that 35 Lakh is the highest affordable ceiling for an average Chennaite. Anything above is expensive.

      Now, finally, I ask my question?

      Is Chennai realty really afforable? Do IT people really have the power to purchase homes and complete their loans till the last EMI?

      What is the guarantee that another recession won;t come?
      What is the guarantee that your realty prices will appreciate further. Come one, already lands are going at prices well over crores of rupees, our salaries are increasing only by 10%, also inflation ensures that we save more to buy more?

      Please think and reply.

      Kindly do not come back with the IT Salaries will increase bullshit. FYI, I work in a highly reputed MNC. Salaries here only increase around 5-10% per year.......


      Hi,

      why are going to guduvanchery to buy a property which is costing u 3100 or 3400, u get property for 3700 or 3800 in medavakkam, small projects which will be ready to occupy in six months, try some thing like that.

      Comment

      • #23

        #23

        Re : Guideline Values of 2012

        Currently 6 % stamp duty and 2% surcharge 1% Reg Fee ; from 1st Apr 6% will reduced to 5%

        Net it is reduced from 9% to 8%;

        Comment

        • #24

          #24

          Re : Guideline Values of 2012

          Originally posted by chennaian View Post
          Finally most awaited guide line comes to effect 1st April, officially refer the below govt website. Draft becomes "Guideline Values from 1-4-2012"; some place there is difference between draft and actual;

          Guideline Value
          Thanks chennaian for the link.

          We checked the revised guide line value for a particular area (Kolathur) in Sriperumbudur and it is found to be showing old value, which is 50 lacs per acre (114 psf), without any increase.

          But however we were told by people, who has access to the sub-registrar office, that GL value now stands at 500 psf for this particular area.

          Don't know which one is correct...

          Comment

          • #25

            #25

            Re : Guideline Values of 2012

            The new guideline values with effect from 1-4-2012 are appearing in tnreginet.net since this afternoon.

            Comment

            • #26

              #26

              Re : Guideline Values of 2012

              Thanks buddy...in that case, I would say no increase for this particular area.

              Comment

              • #27

                #27

                Re : Guideline Values of 2012

                Does anybody have an idea whether any properties have been registered at the new guideline values in Chennai? Have the market price and the guideline value merged with each other? What is the trend for the immediate future?

                Comment

                • #28

                  #28

                  Re : Guideline Values of 2012

                  Is there any impact in the Chennai Real Estate after the introduction of new guideline value ? Can we expect some slowdown or price stagnation ?

                  Comment

                  • #29

                    #29

                    Re : Guideline Values of 2012

                    Your analysis on chennai realty is really good. Yes....I agree chennai realty is not really affordable for an average salaried IT person. Recently Appasamy launched a project called Greensville at OMR shollinganallur. Did u notice the mad rush for this project? 2 bhk is priced around 60L and 3bhk - 80L. What do you infer from this scenario?


                    Originally posted by aswin_kini View Post
                    I am finding it amusing that the government has hiked the guideline values for the lands in Chennai. On one end, the government is ensuring that it cashes in on the Real Estate boom and taking its share of the black money that has been pouring like a thundershower. On the other end, homes that were already well out of our reach have now gone skyhigh in prices.

                    I wish to ask all the bullish and bearish people here some simple questions.

                    1) How many of you can afford to pay a EMI of 30-35k over the next 15-20 years????

                    2) How many people in Chennai have an income above 30,000 Indian Rupees (INR)?

                    3) If IT people are driving the boom, how come people like my manager, who earns above 24 Lakhs per annum gets frustrated with the landrates and buys a land in his hometown?

                    4) As per Economic Times, only 2% of the IT folks in Chennai can really afford to own a decent home 1400-2000 square feet home in Chennai. While I understand that this statistic is a bit exaggerated, I have seen in my neighbourhood that around 25-30 projects have remained unsold, yet the developers hiked the rates from 3400 (March 2011) to 4200 per sq.ft (Latest rates). If there are no buyers, how can the rates be increased at 800 per sq.ft?

                    5) When I asked the above questions to my IT colleagues, they greeted it with a sarcastic laugh and told me that most IT families comprise of working couples. So, at an average, an IT couple will earn around 50-60k per month or more and hence they can easily afford homes priced around 34-40 lakhs. My question is that considering that an IT couple, say A and B, earn around 70k per month. Let's say their income post tax is 55k (This is the highest takehome achievable at current tax slabs).

                    If they bought a flat/house priced at 35 lakhs (THat's the minimum amount required to buy a 800-900 square feet flat in Chennai today), they will have to pay an EMI of minimum 35k. So, they have only 20 k (55000-35000) for their monthly expenses.

                    Considering the couple have installed AC, Washing Machine, System, etc, their electricity bill would easily come to around 2k per month, add a groceries and other expenses to around 6k, they only have 14k remaining.

                    Since most of IT folks have a car, considering they bought the car without a loan, they would atleast spend 1.5 - 2k for their car. So, they have only 12 k remaining.

                    Now, considering the fact that the salaries are raised at 5-10% every year, and also considering that inflation is already around 10-15% every year, all the salary hikes are neutralized by the rising prices...

                    If the couple have a child, the expenses increase around atleast 3-6 k for the first 3 years and more than 10k once the child joins school.


                    So, considering the above IT scenario, an average IT family can barely afford a 35Lakh flat. Since IT folks form only 10% of the population, we can easily estimate that 35 Lakh is the highest affordable ceiling for an average Chennaite. Anything above is expensive.

                    Now, finally, I ask my question?

                    Is Chennai realty really afforable? Do IT people really have the power to purchase homes and complete their loans till the last EMI?

                    What is the guarantee that another recession won;t come?
                    What is the guarantee that your realty prices will appreciate further. Come one, already lands are going at prices well over crores of rupees, our salaries are increasing only by 10%, also inflation ensures that we save more to buy more?

                    Please think and reply.

                    Kindly do not come back with the IT Salaries will increase bullshit. FYI, I work in a highly reputed MNC. Salaries here only increase around 5-10% per year.......

                    Comment

                    • #30

                      #30

                      Re : Guideline Values of 2012

                      Originally posted by Garuda View Post
                      Thanks buddy...in that case, I would say no increase for this particular area.
                      Try 'Click here to view Guideline value for Streetwise' option.This option is for approved lay outs (Plots).The Survey number option is for agricultural land (Priced on an acre/sq m basis)

                      Comment

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