Guideline Value for G.R. Nagar

G.R. Nagar guideline value

The current guideline value of G.R. Nagar, located in Kuthanoor village under the Gooduvancheri SRO, is Rs 800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - III.

How the guideline value of G.R. Nagar has changed

Over the years, the guideline value of G.R. Nagar has seen several revisions. The 2007 revision set the value at Rs 85 per sq.ft, which increased significantly to Rs 800 per sq.ft in 2012. This was a remarkable rise of 841%. However, from 2012 to 2017, the value decreased by 33% to Rs 536 per sq.ft. The subsequent revisions in 2023 and 2024 maintained the guideline value at Rs 800 per sq.ft, showing no change from 2023 to 2024.

In summary, the guideline value increased from Rs 85 per sq.ft in 2007 to Rs 800 per sq.ft in 2024, resulting in an overall increase of 841% over this period. The 2017 revision marked a 49% increase from the previous revision in 2012, while the 2023 to 2024 revision showed no change.

Guideline values in Kuthanoor

Kuthanoor village has a range of guideline values across its 30 streets under the Gooduvancheri SRO, with values ranging from Rs 400 to Rs 2,000 per sq.ft. The median guideline value is Rs 800 per sq.ft, which is the same as the current value for G.R. Nagar.

• Gks Avenue Phase - II: Rs 1,200 per sq.ft (2024)
• Gks Avenue Phase- I: Rs 1,200 per sq.ft (2024)
• Gks Avenue: Rs 1,000 per sq.ft (2024)
• E.R. Nagar: Rs 700 per sq.ft (2024)
• Chitti Vinayagar Nagar: Rs 400 per sq.ft (2024)
• Bharath Avenue: Rs 800 per sq.ft (2024)

Stamp duty and registration fee for property in G.R. Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 800 per sq.ft, the total guideline value would be Rs 8,00,000. The stamp duty at 7% would amount to Rs 56,000, and the registration fee at 2% would be Rs 16,000, making the total cost for these fees Rs 72,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers G.R. Nagar?

The G.R. Nagar area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kuthanoor. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When a buyer and seller agree on a sale price, the higher of the sale price or the guideline value is used to calculate the stamp duty and registration fees. This ensures that the transaction is recorded accurately and complies with local regulations.

Frequently asked questions

What is the current guideline value of G.R. Nagar?

The current guideline value of G.R. Nagar is Rs 800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revisions in 2023 and 2024 maintaining it at Rs 800 per sq.ft. The value increased significantly from Rs 85 per sq.ft in 2007 to Rs 800 per sq.ft in 2012, and again from Rs 536 per sq.ft in 2017 to Rs 800 per sq.ft in 2023.

What is the classification of land in G.R. Nagar?

The land classification for G.R. Nagar is Residential Special Type - III, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for G.R. Nagar?

The Gooduvancheri Sub Registrar Office covers G.R. Nagar and is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How are stamp duty and registration fees calculated in G.R. Nagar?

Stamp duty is charged at 7% of the higher of the guideline value or the sale price, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at Rs 800 per sq.ft would incur a total guideline value of Rs 8,00,000, leading to fees of Rs 72,000.