Guideline Value for GRACE NAGAR

Grace Nagar guideline value

The current guideline value of Grace Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Thirumazhisai village, under the Poonamallee SRO, and is classified as Commercial Special Type - I.

How the guideline value of Grace Nagar has changed

The guideline value for Grace Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,200 per sq.ft in the 2023 revision, and finally rose to Rs 1,320 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to 2023, there was a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Thirumazhisai

In Thirumazhisai, there are 86 streets under the Poonamallee SRO, with 2024 guideline values ranging from Rs 730 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 1,320 per sq.ft, which is equal to the current guideline value of Grace Nagar.

• Jaguar City: Rs 2,625 per sq.ft (2024)
• Fortune Springs Srinivasa Street: Rs 1,320 per sq.ft (2024)
• FORTUNE SPRINGS Layout: Rs 2,475 per sq.ft (2024)
• Elumalai Mudhaliyar Nagar: Rs 1,650 per sq.ft (2024)
• Elumalai Mudaliar Street: Rs 1,320 per sq.ft (2024)
• Ellappan Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Grace Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that 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 information.

Which Sub Registrar Office covers Grace Nagar?

The Grace Nagar area falls under the jurisdiction of the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Thirumazhisai, as it determines the minimum price at which a property can be registered. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Grace Nagar?

The current guideline value of Grace Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification of Grace Nagar?

Grace Nagar is classified as Commercial Special Type - I, which indicates its suitability for commercial activities.

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

The Sub Registrar Office covering Grace Nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

How is stamp duty calculated for properties in Grace Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 13,20,000, the stamp duty at 7% would be Rs 92,400.