Guideline Value for GRACE GARDEN

Grace Garden guideline value

The current guideline value of Grace Garden, located in Thenmalpakkam village under the Chengleput Joint II SRO, is Rs 550 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Special Type - I.

How the guideline value of Grace Garden has changed

Since the 2007 revision, the guideline value for Grace Garden has seen significant changes. In 2007, the value was Rs 120 per sq.ft, which increased dramatically to Rs 550 per sq.ft in 2012, marking a rise of 358%. However, from 2012 to 2017, the value decreased to Rs 368 per sq.ft, a drop of 33%. The value then rose again to Rs 550 per sq.ft in 2023, remaining unchanged in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the current 2024 value, there has been an increase of 358%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Thenmalpakkam

In Thenmalpakkam, there are 8 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 300 to Rs 1,500 per sq.ft, with the median being Rs 550 per sq.ft. Grace Garden's 2024 figure matches this median value.

• A.V.R.Nagar: Rs 550 per sq.ft (2024)
• Sendhur Murugan Avenue: Rs 300 per sq.ft (2024)
• Sree Sainagar: Rs 350 per sq.ft (2024)
• Sri Ram Nagar: Rs 500 per sq.ft (2024)
• Sri Sathiya Sai Nagar: Rs 550 per sq.ft (2024)
• Vishwa Garden Phase-I: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Grace Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total to Rs 49,500. Please 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 Grace Garden?

The Sub Registrar Office that covers Grace Garden is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Thenmalpakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Grace Garden?

The current guideline value of Grace Garden is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 120 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, with various fluctuations in between, including a decrease to Rs 368 per sq.ft in 2017.

What is the land classification for Grace Garden?

The land classification for Grace Garden is Mixed Special Type - I.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where is the Sub Registrar Office for Grace Garden located?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone.