Guideline Value for GR Nagar and Extn

GR Nagar and Extn guideline value

The current guideline value for GR Nagar and Extn is Rs 940 per sq.ft, effective from 1 July 2024. This area is located in Erumaiyur village under the Padappai SRO, classified as Residential Special Type - I.

How the guideline value of GR Nagar and Extn has changed

The guideline value for GR Nagar and Extn has undergone several revisions over the years. The 2012 revision set the value at Rs 850 per sq.ft, which then dropped to Rs 569 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 850 per sq.ft, and the most recent 2024 revision has raised it to Rs 940 per sq.ft, marking an increase of 11% from the previous year.

From the 2017 revision to the 2023 revision, the value increased by 49%. Overall, comparing the 2012 revision to the 2024 revision, there has been an increase of 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erumaiyur

Erumaiyur village has a total of 21 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 4,300 per sq.ft. The median guideline value for these streets is Rs 940 per sq.ft, which is equal to the current guideline value of GR Nagar and Extn.

• Indhra Gandhi Street: Rs 550 per sq.ft (2024)
• Ganesh Nagar: Rs 550 per sq.ft (2024)
• Ek Avenues: Rs 2,630 per sq.ft (2024)
• Dhargas Road: Rs 940 per sq.ft (2024)
• Keerthi Nagar: Rs 940 per sq.ft (2024)
• Bharathi Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in GR Nagar and Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 940 per sq.ft, the total guideline value amounts to Rs 9,40,000. The stamp duty at 7% would be Rs 65,800, and the registration fee at 2% would be Rs 18,800, leading to a total of Rs 84,600. 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 further calculations.

Which Sub Registrar Office covers GR Nagar and Extn?

The Sub Registrar Office covering GR Nagar and Extn 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 Erumaiyur

The guideline value is a crucial factor in the registration of property transactions in Erumaiyur. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This value is used by the registration department to calculate the applicable fees and taxes, making it an essential aspect of the property transaction process.

Frequently asked questions

What is the current guideline value for GR Nagar and Extn?

The current guideline value for GR Nagar and Extn is Rs 940 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 850 per sq.ft in 2012 to Rs 569 per sq.ft in 2017, then to Rs 850 per sq.ft in 2023, and finally to Rs 940 per sq.ft in 2024.

What is the land classification for GR Nagar and Extn?

GR Nagar and Extn is classified as Residential Special Type - I under the land classification system.

Where can I find the registration office for GR Nagar and Extn?

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

How is the stamp duty calculated for property in GR Nagar and Extn?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 65,800 based on the current guideline value.