Guideline Value for G.R.Nagar 2nd Street

G.R.Nagar 2nd Street guideline value

The current guideline value of G.R.Nagar 2nd Street is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of G.R.Nagar 2nd Street has changed

The guideline value for G.R.Nagar 2nd Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,800 per sq.ft, which then decreased to Rs 1,876 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,800 per sq.ft in 2023, before reaching the current value of Rs 3,100 per sq.ft in 2024. The changes from 2012 to 2017 reflect a decrease of 33%, while the increase from 2017 to 2023 was 49%. Overall, from 2012 to 2024, the guideline value has increased by 11%.

The register does not contain figures for the years 2002, 2003, and 2007 for G.R.Nagar 2nd Street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value is Rs 3,100 per sq.ft, which is the same as the current value for G.R.Nagar 2nd Street.

• G.R. Nagar: Rs 4,400 per sq.ft (2024)
• G.R.Nagar Ist Street: Rs 3,100 per sq.ft (2024)
• G.S. Nagar: Rs 3,100 per sq.ft (2024)
• Gurusubramaniam Avenue: Rs 2,750 per sq.ft (2024)
• Hariharan Street: Rs 3,100 per sq.ft (2024)
• Hari Shankar Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in G.R.Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value amounts to Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, bringing the total to Rs 2,79,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers G.R.Nagar 2nd Street?

The Sub Registrar Office that covers G.R.Nagar 2nd Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ramapuram. It serves as a reference point for determining the stamp duty and registration fees, ensuring that these costs are calculated based on a standardized value for properties in the area.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the transaction is recorded accurately and that all necessary fees are paid in accordance with the current regulations.

Frequently asked questions

What is the current guideline value of G.R.Nagar 2nd Street?

The current guideline value of G.R.Nagar 2nd Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then increased to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What is the land classification for G.R.Nagar 2nd Street?

The land classification for G.R.Nagar 2nd Street is Residential Class II Type - I.

Where can I find the Sub Registrar Office for G.R.Nagar 2nd Street?

The Sub Registrar Office for G.R.Nagar 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in G.R.Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at Rs 3,100 per sq.ft, the total guideline value is Rs 31,00,000, resulting in a stamp duty of Rs 2,17,000.