Guideline Value for G.N.T. Road

G.N.T. Road guideline value

The current guideline value of G.N.T. Road in Naravarikuppam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Redhills 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. In 2002, the value was Rs 4,994 per sq.ft, which then dropped to Rs 515 per sq.ft in 2003. Following this, the value increased to Rs 700 per sq.ft in 2007, and further rose significantly to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017, before climbing again to Rs 3,000 per sq.ft in 2023. The latest revision in 2024 set the value at Rs 3,300 per sq.ft.

Between the revisions, notable changes include a 90% decrease from 2002 to 2003, a 329% increase from 2007 to 2012, and a 49% increase from 2017 to 2023. The current value reflects a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has decreased by 34%.

Guideline values in Naravarikuppam

Naravarikuppam has 112 streets under the Redhills SRO, with 2024 guideline values ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing G.N.T. Road's current value above this median.

• Habeeb Bazaar Street: Rs 3,300 per sq.ft (2024)
• Fathima Street: Rs 2,200 per sq.ft (2024)
• Erikkarai Street: Rs 1,320 per sq.ft (2024)
• Erattamalai Srinivasan Street: Rs 1,650 per sq.ft (2024)
• Jawaharlal Nagar: Rs 3,300 per sq.ft (2024)
• Jawaharlal Nagar Annex: 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 guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, resulting in a total cost of Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

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

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

The Sub Registrar Office that covers G.N.T. Road is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Naravarikuppam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must pay the stamp duty based on either the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

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 4,994 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, with various increases and decreases in between.

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

G.N.T. Road is classified as Commercial Class I Type - I.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value or sale price.

Where is the Sub Registrar Office for G.N.T. Road located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.