land acquisition by govt

Discussion in 'Housing' started by vkrithika1, Mar 8, 2008.

  1. vkrithika1

    vkrithika1 Gold IL'ite

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    hi all,

    i have a piece of land at chennai west tambaram kishkinta area.Recently i heard a news that the Govt is going to acquire lands there.Any one know any news on that please share with me.If any one know how govt acquires land and how they calculate the rates please let me know.

    thanks
     
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  2. Shanvy

    Shanvy IL Hall of Fame

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    Hi krithika1,

    I have not heard anything about land acquisition in this area. if you can tell me the source of your news,maybe we can track it

    Regarding how the acquisition is done. The government will inform through circulars, and also through individual notices to the concerned person.

    The valuation is done on the current guideline value fixed by the government and not on the market value.

    let us suppose area near kishkinta has a guidelne value of 1000 and the market price is 2000/sq.ft. the evaluation will be on the rs.1000.



    You can check out with the the SRO of the area where you have brought the property, and take an EC to know the further developements.


    The new updated guideline values have been posted at ::REGINET::

    hope this is clear. if you have doubts do ask.
     
  3. vkrithika1

    vkrithika1 Gold IL'ite

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    dear shanthi,

    Really i was expecting the first reply from you.so sweet.THanks a lot for the valuable information given.
     
  4. vkrithika1

    vkrithika1 Gold IL'ite

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    dear shanthi,

    My land(1800sqft) is in kishkinta road after the 200ft road.It was bought long back.I do not know the present rates.kindly can you help me with present rates.Please Give me your advice on whether to sell or hold the land.At present i am at california on a 5 month vacation.I will be returning to india(bangalore) this month end.please do give your valuable advice so that it will be useful for me to take any decision after i come to india.

    regards
    vkrithika
     
  5. Shanvy

    Shanvy IL Hall of Fame

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    You are welcome. I share what i know.
     
  6. Shanvy

    Shanvy IL Hall of Fame

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    Krithika,

    I am not sure the of the rate. It depends on the area. why dont you use the survey number the proper village name and check out the guideline value.

    IF I were to suggest, I will always say hold the land. reasons.....
    1. these are areas where new layouts are coming up, so the old layouts will not get the same rate as the new layouts.
    2. the rates are definitely going northwards..you can hold it for more time..If it was brought very long back, you would have got a good appreciation. but if you are not in need of funds you can hold it.

    two things you have to do are...

    Take a Encumberance Certificate to check for any disparity's in the ownership. and do ask your person n chennai to go and check it periodically.
     
  7. vkrithika1

    vkrithika1 Gold IL'ite

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    hi shanthi,

    thanks for the website.I have seen the guidance value and i have instructed my brother to take an EC.
     
  8. Shanvy

    Shanvy IL Hall of Fame

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    hi krithika,

    You are welcome. and when applying for EC, do apply ,for few years before you brought the property , and to date if you like. this way, you will know who was the previous owner, whether your buying it has been incorporated, and if anybody else has mishandled your property.

    before there was the online EC application scheme. for the past one year they have stopped that. it would be nice if it is opened again.

    Does your prop. come under tambaram sro.??
     
  9. vkrithika1

    vkrithika1 Gold IL'ite

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    hi,

    sro is padappai.gv is 150/sqft.we bought it for 18k 10 years back.Thanks for the infn.ya i know the ec procedures as we have done this for our props in bangalore.
     

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