New values reflect real estate growth in Coimbatore

Draft of the new guidelines values has been prepared and waits for finalisation.

According to an official of the Registration Department, normally the revision is done by the Department and the values are based on the Survey Number. The values are analysed and prepared according to the growth rate principle.

Different system


"This time, the system is different." Taluk-level (headed by the tahsildar) and district-level committees (headed by the District Collector) have been formed. Within the guidelines and scope of the Government Order, groupings have been carried out of similar properties and values analysed and decided. Further, other related departments have also been involved in the revision exercise.

So when public log on to the website to have a look at the draft roll of the values, one can see another column that has classified the area such as Residential Class I, Commercial, etc.

Public representation


The district administration recently sought public representation, if any, to the draft of the new guideline values for different areas in the city. The revised values are available on the Internet: www.tnreginet.net and also at the sub-registrar offices.

The revision has been made after a couple of years. And, the values have gone up in almost all parts of the city (. The revised rates are likely to be finalised soon and come into effect next year.

Increase in rates


"Generally the rates are on the increase in Coimbatore." The last revision was done in 1 April, 2003. The official explains that after fixing the revised values, two sessions of public hearing were held.

The valuations were available at the sub-registrar offices so that public could give their objections. A lot of applications were already received, the official said.

With demand growing and supply of land getting limited, the prices fluctuated.

Hence, according to the new system, the District Collector can call for a meeting of the committee once in three months.

The committee can deliberate on the emerging scenario and the rates can be modified if required. This is after finalising the revised rates. "We are giving flexibility to the structure." When pointed out that the rate of increase in the guideline value is more in some of the emerging areas of growth, the official says that this is because real estate transaction has come to a static level in some of the prime locations.

Moving over


Hence, the growth is moving over to new places and so the prices of land go up in the emerging areas at a faster rate.

The growth is very rapid in towns such as Tirupur, he adds. Hence, this time it is difficult to estimate the average increase in the value.

The last date for public to represent any objection to the draft values was December 15. The revision exercise has taken about six months.

Hardships


The Department should ensure that the classification should be the same as that in the Master Plan.

Otherwise public will be put to several hardships, says K. Kathirmathiyon, Secretary of Coimbatore Consumer Cause.

Points to remember

Website: www.tnreginet.net

For clarifications, contact: District Registrar Office (in Coimbatore and Tirupur)

For representation, contact: Sub-registrar offices, District Registrar Office

Revision exercise has taken about six months

`Department should ensure that the classification should be the same as that in the Master Plan'