Guideline Value for GIRIKORI NAGAR

Girikori Nagar guideline value

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

How the guideline value of Girikori Nagar has changed

The guideline value for Girikori Nagar has seen several revisions over the years. Starting from Rs 99 per sq.ft in 2002, it increased to Rs 111 per sq.ft in 2003. Following this, the value rose significantly to Rs 400 per sq.ft in 2007, and then to Rs 2,300 per sq.ft in 2012. However, it decreased to Rs 1,541 per sq.ft in 2017 before climbing to Rs 2,300 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 2,530 per sq.ft.

Examining the changes between these revisions reveals notable fluctuations. From 2002 to 2003, there was a 12% increase. The value surged by 260% from 2003 to 2007, followed by a remarkable 475% increase from 2007 to 2012. A decrease of 33% occurred from 2012 to 2017, and a 49% increase was noted from 2017 to 2023. Finally, the value rose by 10% from 2023 to 2024, resulting in an overall increase of 2,456% from 2002 to 2024.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft. The guideline value for Girikori Nagar aligns with the median value of Rs 2,530 per sq.ft.

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

Stamp duty and registration fee for property in Girikori Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value is Rs 25,30,000. The stamp duty at 7% would be Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, making the total cost for these fees Rs 2,27,700. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Girikori Nagar?

The Sub Registrar Office that covers Girikori Nagar 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 details.

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

The guideline value is a crucial factor when registering property transactions in Manapakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation set by the registration department.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. This ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Girikori Nagar?

The current guideline value of Girikori Nagar 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 increased from Rs 99 per sq.ft in 2002 to Rs 2,530 per sq.ft in 2024, reflecting an overall increase of 2,456% over this period.

What is the land classification of Girikori Nagar?

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

How is stamp duty calculated in Girikori Nagar?

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

Where can I find the Sub Registrar Office for Girikori Nagar?

The Sub Registrar Office for Girikori Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.