Guideline Value for G.R.Nagar Ist Street

G.R.Nagar Ist Street guideline value

The current guideline value of G.R.Nagar Ist Street in Ramapuram village is Rs 3,100 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - I.

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

The guideline value for G.R.Nagar Ist Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,800 per sq.ft, which was later reduced to Rs 1,876 per sq.ft in the 2017 revision. The value then increased significantly to Rs 2,800 per sq.ft in 2023, followed by the current rate of Rs 3,100 per sq.ft in 2024, marking an increase of 11% from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this 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 value for these streets is Rs 3,100 per sq.ft, which aligns with the guideline value of G.R.Nagar Ist Street.

• G.R.Nagar 2nd Street: Rs 3,100 per sq.ft (2024)
• G.S. Nagar: Rs 3,100 per sq.ft (2024)
• G.R. Nagar: Rs 4,400 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 Ist 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, totaling Rs 2,79,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers G.R.Nagar Ist Street?

The G.R.Nagar Ist Street is covered by 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 determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

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 transparency and fairness in property transactions, aligning them with the established guidelines set by the Registration Department.

Frequently asked questions

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

The current guideline value of G.R.Nagar Ist 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 to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What is the median guideline value in Ramapuram?

The median guideline value for the 394 streets in Ramapuram is Rs 3,100 per sq.ft, which is the same as the guideline value for G.R.Nagar Ist Street.

What are the stamp duty and registration fees for property in G.R.Nagar Ist Street?

For a property valued at Rs 31,00,000, the stamp duty would be Rs 2,17,000 and the registration fee would be Rs 62,000, totaling Rs 2,79,000.

Which Sub Registrar Office covers G.R.Nagar Ist Street?

The Chennai South Joint II Sub Registrar Office covers G.R.Nagar Ist Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.