Luxury is a concept that the people of Chennai seem to be fast adapting to and are willing to spend to have the house of their dreams. Builders in Chennai are promoting many ultra luxury apartments, especially in the posh and much demanded areas in the city.
Boat club is said to be the most luxurious location in Chennai as far as the latest survey is concerned. The Boat Club area in Alwarpet is the heart of Chennai and continues to be the most sought after area in the city. The revised guideline value, yet to be released by the state land registration department, suggests that land here costs 23,000 per sq ft.The guideline value for the arterial Mount Road with its office hubs and malls has been finalized at 20,000 per sq ft whereas Poes Garden with its many VIP residents and falling within the prime bracket it has been fixed at 18,000 per sq ft. The registration department has finalized guideline values for the state and will notify it soon.
Earlier, Radhakrishnan Salai was assessed as the most expensive area in the city with its guideline value fixed at 27,000 per sq ft. However, following objections from stakeholders, the value has been revised and is now on a par with Mount Road.The guideline value of 1,500 per sq ft for Royapuram in north Chennai is perhaps the lowest in the city corporation limit. Guideline value is the government prescribed minimum valuation for registration of properties. In case of apartments, the buyers have to pay stamp duty only for the undivided land share (UDS). For second hand flats, buyers have to pay the stamp duty for the entire value.Boat Club stands in the top position as the most prime area for two decades. Normally the layouts in that area are very large. Clients here are also very affluent according to CREDAI President, T Chitti Babu.