Guideline Value for GREEN SPRING

Green Spring guideline value

The current guideline value of Green Spring, located in Perungavur village, is Rs 275 per sq.ft, effective from 1 July 2024. This area falls under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Green Spring has changed

Since the 2012 revision, the guideline value for Green Spring has seen various changes. The value was Rs 250 per sq.ft in 2012, then decreased to Rs 167 per sq.ft in 2017, reflecting a decline of 33%. However, from 2017 to 2023, the value increased significantly by 50%, reaching Rs 250 per sq.ft. The most recent revision in 2024 has increased the value to Rs 275 per sq.ft, marking a 10% rise from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Perungavur

In Perungavur, there are 79 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 220 to Rs 1,500 per sq.ft. The median value for these streets is Rs 275 per sq.ft, which is the same as the guideline value for Green Spring.

• Gopi Nagar: Rs 220 per sq.ft (2024)
• Gomathi Ammannagar Phase III: Rs 234 per sq.ft (2024)
• Gomathiamman Nagar Annex V Extention: Rs 220 per sq.ft (2024)
• Gomathi Amman Nagar Annex - V: Rs 220 per sq.ft (2024)
• Gomathiamman Nagar Annex II Extention: Rs 220 per sq.ft (2024)
• Gomathi Amman Nagar Annex - II: Rs 220 per sq.ft (2024)

Stamp duty and registration fee for property in Green Spring

For a 1,000 sq.ft plot at the current rate of Rs 275 per sq.ft, the guideline value amounts to Rs 2,75,000. The stamp duty, calculated at 7%, would be Rs 19,250, and the registration fee at 2% would be Rs 5,500, totaling Rs 24,750. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Green Spring?

The Green Spring area is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for additional information.

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

The guideline value plays a crucial role in the property registration process in Perungavur. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This ensures that the fees are calculated based on a standard valuation set by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost involved in the registration process. Understanding the guideline value helps in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of Green Spring?

The current guideline value of Green Spring is Rs 275 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2012 to Rs 167 per sq.ft in 2017, then increased to Rs 250 per sq.ft in 2023, and finally to Rs 275 per sq.ft in 2024.

What is the land classification for Green Spring?

Green Spring is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the Redhills Sub Registrar Office?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Green Spring?

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 at Rs 275 per sq.ft, the stamp duty would be Rs 19,250.