Guideline Value for G.N.T. Road

G.N.T. Road guideline value

The current guideline value of G.N.T. Road in Erukancherry village is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Madhavaram SRO and is classified as Commercial Class I Type - I.

How the guideline value of G.N.T. Road has changed

The guideline value for G.N.T. Road has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. Following that, the value increased significantly to Rs 3,000 per sq.ft in 2023 and further rose to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 to 2023 revision, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,900 to Rs 3,800 per sq.ft, with a median value of Rs 2,500 per sq.ft. G.N.T. Road's 2024 guideline value is above this median.

• Glaxo Street: Rs 2,500 per sq.ft (2024)
• Gandhi Nagar 2nd Street: Rs 2,500 per sq.ft (2024)
• Gandhi Nagar 1st street: Rs 2,500 per sq.ft (2024)
• Ganapathy Street (Krishnamoorthy Nagar): Rs 2,500 per sq.ft (2024)
• Ganapathy Nagar / Street: Rs 2,200 per sq.ft (2024)
• E.V.R. Salai: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in G.N.T. Road

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers G.N.T. Road?

The G.N.T. Road falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is an important factor in property transactions in Erukancherry. It serves as the basis for calculating stamp duty and registration fees when a property is bought or sold. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to determine the applicable duties. This ensures that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value of G.N.T. Road?

The current guideline value of G.N.T. Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, representing a 10% increase. It was Rs 2,010 per sq.ft in 2017, and Rs 3,000 per sq.ft in 2012.

What is the land classification for G.N.T. Road?

G.N.T. Road is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

What are the stamp duty and registration fees for properties on G.N.T. Road?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Which office handles registrations for G.N.T. Road?

The Madhavaram Sub Registrar Office handles registrations for G.N.T. Road. It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.