Guideline Value for GRAMANI STREET

Gramani Street guideline value

The current guideline value of Gramani Street in Karambakkam village is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Gramani Street has changed

The guideline value for Gramani Street has seen several revisions over the years. In 2002, the value was Rs 244 per sq.ft, which increased to Rs 281 per sq.ft in 2003, marking a 15% rise. The value then experienced a substantial jump to Rs 800 per sq.ft in 2007, reflecting an increase of 185%. Following this, the value rose to Rs 1,500 per sq.ft in 2012, an 88% increase. However, it dropped to Rs 1,005 per sq.ft in 2017, showing a decrease of 33%. The value then increased significantly to Rs 1,500 per sq.ft in 2023, followed by a further rise to the current value of Rs 1,650 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 576%. There are no figures available for the revisions in years other than those listed.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 1,930 per sq.ft, placing Gramani Street's 2024 figure below that median.

• G.W.T. Road To M.P.H.Road: Rs 1,100 per sq.ft (2024)
• Jain Koil Cross Street: Rs 1,930 per sq.ft (2024)
• Jain Koil Street: Rs 1,930 per sq.ft (2024)
• Gandhi Nagar V.O.C. Street: Rs 3,030 per sq.ft (2024)
• Gandhi Nagar Pilliyar Koil Street: Rs 3,030 per sq.ft (2024)
• Gandhi Nagar M.P.H. Road: Rs 3,030 per sq.ft (2024)

Stamp duty and registration fee for property in Gramani Street

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 cost for these fees 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 details.

Which Sub Registrar Office covers Gramani Street?

The Sub Registrar Office that covers Gramani Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during property transactions in Karambakkam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers must be aware of this value to ensure compliance with the legal requirements during the registration process.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the market conditions reflected in the guideline value.

Frequently asked questions

What is the current guideline value for Gramani Street?

The current guideline value for Gramani Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Gramani Street has changed several times, from Rs 244 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 576%.

What is the registration office for Gramani Street?

The registration office for Gramani Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Gramani Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty of Rs 1,15,500.

What are the other streets in Karambakkam with their guideline values?

Other streets in Karambakkam include G.W.T. Road To M.P.H.Road at Rs 1,100 per sq.ft, Jain Koil Cross Street and Jain Koil Street at Rs 1,930 per sq.ft, and Gandhi Nagar streets ranging from Rs 3,030 per sq.ft.