Property valuation on OMR

Old Mahabalipuram Road, now Rajiv Gandhi Salai, is Chennai's IT corridor, lined with apartment complexes from Perungudi down towards Kelambakkam. Most flats here are less than twenty years old, and the valuation questions are about land share, approvals and how far down the road a flat sits.

Undivided share of land

In Tamil Nadu, a flat is usually sold with an undivided share of the land underneath, registered separately. That share is a large part of what you own, especially in older buildings that may one day be redeveloped. The report states your undivided share and what it adds.

Approvals and jurisdiction

The northern stretch of OMR falls within Greater Chennai Corporation. Further south, buildings may be in panchayat areas, with approvals from CMDA or DTCP depending on location. A bank looks closely at which body approved the building, and the report records it.

Guideline value

Tamil Nadu's guideline value is the state's minimum. Along OMR it sometimes sits close to the market, and in some places has even been above it. Stamp duty and registration together are among the highest in India here, so the gap between guideline and market value matters to buyers. The report relies on registered sales.

What we value here

Flats in large complexes in Thoraipakkam, Sholinganallur, Navalur, Siruseri and Kelambakkam, villas, and plots in the layouts behind the main road.

Older complexes and redevelopment

The first apartment complexes on OMR are now around twenty years old. When one is eventually redeveloped, each owner's undivided share of land decides what they receive, which is why that share is worth checking now rather than later.