Guideline Value for GIRIAM AVENUE

Giriam Avenue guideline value

The current guideline value of Giriam Avenue is Rs 500 per sq.ft, effective from 1 July 2024. This street is located in Somangalam village under the Sriperumpudur Sub Registrar Office (SRO) and is classified as Commercial Class I Type - I.

How the guideline value of Giriam Avenue has changed

The guideline value for Giriam Avenue has seen several revisions over the years. The 2017 revision set the value at Rs 335 per sq.ft, which remained unchanged at Rs 500 per sq.ft in the 2023 revision. The latest revision in 2024 also maintains the value at Rs 500 per sq.ft, indicating no change from the previous year. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2017 to 2024, the guideline value has also increased by 49%, reflecting the consistent value of Rs 500 per sq.ft in the most recent revisions.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that have a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft, with a median value of Rs 350 per sq.ft. Giriam Avenue's 2024 guideline value is above this median.

• Green Garden: Rs 250 per sq.ft (2024)
• Ganapathy Farm Lands: Rs 150 per sq.ft (2024)
• Ganapathy Farm House Site: Rs 400 per sq.ft (2024)
• Hanuman Garden: Rs 200 per sq.ft (2024)
• Hi-tech city Extension: Rs 200 per sq.ft (2024)
• Indira Nagar: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Giriam Avenue

For a 1,000 sq.ft plot at the current rate of Rs 500 per sq.ft, the guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total to Rs 45,000. 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 Giriam Avenue?

The Sub Registrar Office that covers Giriam Avenue is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Somangalam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring compliance with local regulations.

When buying or selling property, the guideline value is used to calculate stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price.

Frequently asked questions

What is the current guideline value of Giriam Avenue?

The current guideline value of Giriam Avenue is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 500 per sq.ft from 2023 to 2024, with a significant increase of 49% from Rs 335 per sq.ft in 2017 to 2023.

What is the land classification for Giriam Avenue?

Giriam Avenue is classified as Commercial Class I Type - I, indicating its use for commercial purposes.

Where can I find the Sub Registrar Office for Giriam Avenue?

The Sub Registrar Office for Giriam Avenue is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Giriam Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 500 per sq.ft would incur a total of Rs 45,000 in stamp duty and registration fees.