Guideline Value for GARDEN STREET

Garden Street guideline value

The current guideline value of Garden Street in Manapakkam village is Rs 2,530 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Garden Street has changed

The guideline value for Garden Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft. In the 2017 revision, it dropped significantly to Rs 1,541 per sq.ft, reflecting a decrease of 33%. However, the value rebounded in the 2023 revision to Rs 2,300 per sq.ft, before reaching the current figure of Rs 2,530 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%. It is important to note that there are no registered figures for Garden Street in the years 2002, 2003, and 2007.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median value is Rs 2,530 per sq.ft, which is equal to the guideline value of Garden Street. Below are other streets in Manapakkam:

• Girigori Nagar 1st Main Salai: Rs 2,530 per sq.ft (2024)
• Girigori Nagar 2nd Cross Street: Rs 2,530 per sq.ft (2024)
• Girigori Nagar 2nd Main Road: Rs 2,530 per sq.ft (2024)
• Girigori Nagar Main Road: Rs 2,530 per sq.ft (2024)
• Girigori Nagar Murugathamman Koil Cross Street: Rs 2,530 per sq.ft (2024)
• Girigori Nagar Murugathamman Koil Street: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Garden Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty at 7% would amount to Rs 1,77,100, while the registration fee at 2% would be Rs 50,600, bringing the total fees together to Rs 2,27,700. 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 Garden Street?

The Sub Registrar Office that covers Garden Street is the Chennai South Joint I 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 Manapakkam

The guideline value plays a crucial role in property transactions in Manapakkam. It is used to determine the stamp duty and registration fees that are applicable when buying or selling property. The guideline value is set by the government and is revised periodically based on various factors.

When a property is sold, the buyer must pay stamp duty based on the higher value between the guideline value and the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the current market conditions.

Frequently asked questions

What is the current guideline value of Garden Street?

The current guideline value of Garden Street is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2023 to Rs 2,530 per sq.ft in 2024, which is a 10% increase. It was Rs 1,541 per sq.ft in 2017 and Rs 2,300 per sq.ft in 2012, showing various fluctuations over the years.

What is the land classification for Garden Street?

Garden Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Garden Street?

The Sub Registrar Office for Garden Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Garden Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 25,30,000, the stamp duty would be Rs 1,77,100 at a rate of 7%.