Guideline Value for GIRI NAGAR

Giri Nagar guideline value

The current guideline value of Giri Nagar, located in Ramapuram village, is Rs 2,750 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 - II.

How the guideline value of Giri Nagar has changed

The guideline value for Giri Nagar has seen several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 349 per sq.ft. This increased to Rs 432 per sq.ft in 2003, marking a rise of 24%. The value continued to climb significantly, reaching Rs 1,100 per sq.ft in 2007, which was a 155% increase from the previous revision. In 2012, the guideline value was Rs 2,500 per sq.ft, reflecting a notable increase of 127% from 2007. However, this figure saw a decrease of 33% to Rs 1,675 per sq.ft in 2017.

From 2017 to 2023, the guideline value increased by 49%, reaching Rs 2,500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, which is a 10% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 688%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO carrying a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft, with a median value of Rs 3,100 per sq.ft. Giri Nagar's current guideline value is below this median.

• Giri Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Giri Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Giri Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Giri Nagar Annexe: Rs 2,750 per sq.ft (2024)
• Gangaiya Avenue: Rs 1,950 per sq.ft (2024)
• Gangai Ammn Koil North Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Giri Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. The total cost for these fees would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Giri Nagar?

The Giri Nagar area 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. To find your SRO, you can visit find your SRO.

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

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

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers must pay these fees based on the guideline value or the sale price, whichever is higher, ensuring that all transactions are conducted transparently and fairly.

Frequently asked questions

What is the current guideline value of Giri Nagar?

The current guideline value of Giri Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 349 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 688% across the years.

What is the land classification of Giri Nagar?

Giri Nagar is classified as Residential Class II Type - II under the Chennai South Joint II SRO.

Where can I find the registration office for Giri Nagar?

The registration office for Giri 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.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 2,47,500.