We are 673 apartment owners of CasaGrande Utopia, situated on the Manapakkam Main Road. Until now the area's guideline value, especially for CasaGrande Utopia, was Rs 4000 per Sq.ft. But in the draft notification, the guideline value for Manapakkam main road is mentioned as Rs 10000 per Sq.ft, which is unreasonably high due to below reasons. 

While booking our flat, the total registration cost was around 2 Lakh for 1000 sq.ft flats then it reached 4 Lakh, but now it is around 7 Lakh it is too high and can’t be managed by middle-class people who bought their flats for 1st time.
 

We feel that the guideline value should be aligned to reflect the actual fluctuation in property prices. The larger objective of the government should be to ensure that the real estate is affordable to all persons including those from the low and middle-income strata.

The various anomalies that such a revision would cause include a situation where the guideline value of the land is higher than the actual market value which defeats the very concept of guideline value being a measure of undervaluation of the property and the capital gains being computed based on higher notional value and thereby extracting more tax from individuals.
 

We brought 1000sq.ft flat for the cost of around 65 to 75 Lakh. But this GLV Rs 10,000 says the same 1000Sq.ft flat price is around 1 Crore. We bought a flat for 70 Lakh and registering it for 1 Crore is not fair. We have to alter extracting more tax into the common salaried middle-class people are intend forced to pay more tax.
 

So, it would be in the fitness of things for the guideline value of that area should not increase. On behalf of the 673 apartment owners, we register our strong protest on the proposed increase in GLV and request you to reduce it. 

We have attached the signatures of most of the owners who agreed with the above statements, in the annexure for your reference.

Thank You