Guideline Value for GEMM SQUARE

Gemm Square guideline value

The current guideline value of Gemm Square is Rs 400 per sq.ft, effective from 1 July 2024. This property is located in Vadapattinam village and falls under the Cheyyur SRO. It is classified as Residential Class I Type - II.

How the guideline value of Gemm Square has changed

According to the guideline value register, the revision history for Gemm Square shows that the 2017 revision was set at Rs 268 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded Rs 400 per sq.ft. The 2024 revision has maintained this rate at Rs 400 per sq.ft, indicating no change from the previous year. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

From 2017 to 2023, the guideline value increased by 49%, and the overall change from 2017 to 2024 also reflects a 49% increase. The consistency in the guideline value from 2023 to 2024 shows that the rate has stabilized at Rs 400 per sq.ft.

Guideline values in Vadapattinam

In Vadapattinam, there are four streets under the Cheyyur SRO that have a guideline value for 2024, ranging from Rs 400 to Rs 600 per sq.ft. The median guideline value for these streets is Rs 502 per sq.ft, placing Gemm Square's 2024 figure below this median.

• Elite Beach House: Rs 600 per sq.ft (2024)
• La Mer Vie: Rs 502 per sq.ft (2024)
• Pivi Premiere: Rs 502 per sq.ft (2024)

Stamp duty and registration fee for property in Gemm Square

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty at 7% would amount to Rs 28,000, and the registration fee at 2% would be Rs 8,000. Therefore, the total charges would be Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Gemm Square?

The Sub Registrar Office that covers Gemm Square is the Cheyyur Sub Registrar Office, located at 3/156, Salt Road, Cheyyur- 603 302, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial reference point when buying or selling property in Vadapattinam. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of this value to ensure that they comply with the legal requirements during property transactions.

When registering a property, the guideline value helps in assessing the official value of the property, which can affect the financial obligations of the buyer. It is essential for both parties to be informed about the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Gemm Square?

The current guideline value of Gemm Square is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Gemm Square has seen a 49% increase from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in both 2023 and 2024.

What are the stamp duty and registration fees for property in Gemm Square?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 28,000 and the registration fee would be Rs 8,000, totaling Rs 36,000.

Which Sub Registrar Office covers Gemm Square?

The Cheyyur Sub Registrar Office covers Gemm Square, located at 3/156, Salt Road, Cheyyur- 603 302, Chengalpattu registration zone.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It serves as an official reference for assessing the property's value and ensuring compliance with legal obligations.