Guideline Value for GRAMA STREET

Grama Street guideline value

The current guideline value of Grama Street in Purasaivakkam village, under the Purasaivakkam SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Grama Street has changed

The guideline value of Grama Street has undergone several revisions over the years. In 2007, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012, marking an increase of 178%. However, from 2012 to 2017, the value decreased to Rs 3,350 per sq.ft, a decline of 33%. The value then rose to Rs 5,000 per sq.ft in 2023, which was a 49% increase. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for Grama Street. Overall, from 2007 to 2024, the guideline value has increased by 206%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, which is equal to the current guideline value of Grama Street.

• Govinda Naicken Street: Rs 5,500 per sq.ft (2024)
• Govinda Achari Street: Rs 5,500 per sq.ft (2024)
• Haji Mohammed Abdul Hafeez Abbab Sahib Street: Rs 4,900 per sq.ft (2024)
• Hanumantharayan Koil 1st Lane: Rs 4,400 per sq.ft (2024)
• Hanumantharayan Koil Street: Rs 4,400 per sq.ft (2024)
• Harley's Street & Road: Rs 10,800 per sq.ft (2024)

Stamp duty and registration fee for property in Grama Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total charges Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Grama Street?

The Sub Registrar Office that covers Grama Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Purasaivakkam. It is used to determine the stamp duty and registration fees that buyers and sellers must pay when transferring property ownership.

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

Frequently asked questions

What is the current guideline value of Grama Street?

The current guideline value of Grama Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 206% over the years.

What are the other streets with the same guideline value in Purasaivakkam?

Other streets in Purasaivakkam with the same 2024 guideline value of Rs 5,500 per sq.ft include Govinda Naicken Street and Govinda Achari Street.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in the area is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Grama Street?

The Sub Registrar Office for Grama Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.