Guideline Value for G.M.R.IT. COMPANY

G.M.R.It. Company guideline value

The current guideline value for G.M.R.It. Company is Rs 6,100 per sq.ft, effective from 1 July 2024. This property is located in Palavakkam village under the Neelankarai SRO, classified as Residential Special Type - II.

How the guideline value of G.M.R.It. Company has changed

The guideline value for G.M.R.It. Company has seen several revisions over the years. The 2012 revision set the value at Rs 5,500 per sq.ft, which was then reduced to Rs 3,685 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 5,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 6,100 per sq.ft.

In terms of percentage changes, the guideline value increased by 11% from 2023 to 2024. From 2017 to 2023, there was a significant increase of 49%. However, between 2012 and 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value increased by 11%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing G.M.R.It. Company above this median.

• G.N.P.Company: Rs 6,100 per sq.ft (2024)
• Govindan Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Govindan Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Govindan Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Govindan Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Govindan Nagar 5th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in G.M.R.It. Company

For a 1,000 sq.ft plot at the current guideline value of Rs 6,100 per sq.ft, the total guideline value would be Rs 61,00,000. The stamp duty at 7% would amount to Rs 4,27,000, and the registration fee at 2% would be Rs 1,22,000, totaling Rs 5,49,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers G.M.R.It. Company?

The G.M.R.It. Company falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Palavakkam

The guideline value is a critical factor when registering property transactions in Palavakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to consider the guideline value, as it may influence negotiations and the overall transaction process. Buyers should be aware that the guideline value may differ from the actual sale price, but the higher amount will be used for calculating duties and fees.

Frequently asked questions

What is the current guideline value for G.M.R.It. Company?

The current guideline value for G.M.R.It. Company is Rs 6,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,500 per sq.ft in 2012 to Rs 3,685 per sq.ft in 2017, then increased to Rs 5,500 per sq.ft in 2023, and finally to Rs 6,100 per sq.ft in 2024.

What is the land classification for G.M.R.It. Company?

The land classification for G.M.R.It. Company is Residential Special Type - II.

What are the other guideline values in Palavakkam?

Other streets in Palavakkam have varying guideline values, with rates ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.