Guideline Value for G.S. NAGAR

G.S. Nagar guideline value

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

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

The guideline value for G.S. Nagar has seen several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 280 per sq.ft. This increased to Rs 346 per sq.ft in 2003, marking a 24% rise. The value then significantly jumped to Rs 1,100 per sq.ft in 2007, reflecting a 218% increase. Following this, the guideline value rose to Rs 2,800 per sq.ft in 2012, which was a 155% increase from the previous figure. However, between 2012 and 2017, the value decreased to Rs 1,876 per sq.ft, showing a decline of 33%. In 2023, the guideline value was revised to Rs 2,800 per sq.ft, and the most recent revision in 2024 has set it at Rs 3,100 per sq.ft, which is an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1007%. The register has no figures for the years not mentioned in this summary.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft, with the median value being Rs 3,100 per sq.ft. The guideline value of G.S. Nagar is equal to this median.

• G.R.Nagar Ist Street: Rs 3,100 per sq.ft (2024)
• G.R.Nagar 2nd Street: 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.S. Nagar

For a 1,000 sq.ft plot at the current rate of Rs 3,100 per sq.ft, the 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.S. Nagar?

The Sub Registrar Office that covers G.S. Nagar 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 further assistance.

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

The guideline value is a critical factor in the registration process for property transactions in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for legal documentation. Buyers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of G.S. Nagar 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 280 per sq.ft in 2002 to Rs 3,100 per sq.ft in 2024, reflecting an overall increase of 1007% over the years.

What is the median guideline value in Ramapuram?

The median guideline value in Ramapuram is Rs 3,100 per sq.ft, which is the same as the guideline value for G.S. Nagar.

What are the stamp duty rates for property in G.S. Nagar?

The stamp duty rate for property in G.S. Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for G.S. Nagar 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.