Guideline Value for GR Nagar Extn 1 to 6

GR Nagar Extn 1 to 6 guideline value

The current guideline value for GR Nagar Extn 1 to 6 is Rs 1,650 per sq.ft, effective from 1 July 2024. This property is located in Varadarajapuram village, under the Padappai SRO, and is classified as Residential Special Type - II.

How the guideline value of GR Nagar Extn 1 to 6 has changed

In the 2012 revision, the guideline value was set at Rs 1,500 per sq.ft. This figure remained until the 2017 revision, where it decreased to Rs 1,005 per sq.ft. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and then to Rs 1,650 per sq.ft in 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a notable increase of 49%. The most recent change from 2023 to 2024 reflects a 10% increase, leading to an overall increase of 10% from 2012 to 2024.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO, with guideline values ranging from Rs 880 to Rs 4,100 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is the same as the current value for GR Nagar Extn 1 to 6.

• G.R.Nagar: Rs 1,650 per sq.ft (2024)
• Guru Ganesh Avenue Phase -II: Rs 2,750 per sq.ft (2024)
• Guru Ganesh Avenue Phase -III: Rs 3,700 per sq.ft (2024)
• Gurupatham Nagar: Rs 1,100 per sq.ft (2024)
• Hidhyath Nagar: Rs 1,650 per sq.ft (2024)
• Hill Road Avenue: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in GR Nagar Extn 1 to 6

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. 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 detailed calculations.

Which Sub Registrar Office covers GR Nagar Extn 1 to 6?

The Sub Registrar Office that covers GR Nagar Extn 1 to 6 is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Varadarajapuram. It is used to determine the stamp duty and registration fees that must be paid, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for GR Nagar Extn 1 to 6?

The current guideline value for GR Nagar Extn 1 to 6 is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes: it was Rs 1,500 per sq.ft in 2012, decreased to Rs 1,005 per sq.ft in 2017, increased to Rs 1,500 per sq.ft in 2023, and is now Rs 1,650 per sq.ft in 2024.

What is the land classification for GR Nagar Extn 1 to 6?

GR Nagar Extn 1 to 6 is classified as Residential Special Type - II, indicating its designation for residential development.

Where can I find the Sub Registrar Office for GR Nagar Extn 1 to 6?

The Sub Registrar Office for GR Nagar Extn 1 to 6 is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for properties in GR Nagar Extn 1 to 6?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.