CHENNAI: CREDAI Chennai welcomed the implementation of the new guideline value for properties effective from July 1.

"We welcome the introduction of the revised guideline value in Chennai effective July 1, which is a significant step toward promoting transparency and stability in the real estate market, and we appreciate the registration department's efforts to correct the guideline value, " it said in a statement.

However, it said that the decision to enhance the value by around 10 per cent in certain areas will pose issues for both developers and potential homeowners.

"We look forward to open engagement and concerted efforts to reduce any negative effects this change may have on the market, " it said.