Guideline Value for Giri Nagar 1st Street

Giri Nagar 1st Street guideline value

The current guideline value of Giri Nagar 1st Street is Rs 2,750 per sq.ft. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Giri Nagar 1st Street has changed

The guideline value for Giri Nagar 1st Street has seen several revisions over the years. The earliest available figure is from 2012, which was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017. In 2023, the value increased to Rs 2,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The change from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, making the guideline value of Giri Nagar 1st Street below this median.

• Giri Nagar: Rs 2,750 per sq.ft (2024)
• Giri Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Giri Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Giri Nagar Annexe: Rs 2,750 per sq.ft (2024)
• Gangaiya Avenue: Rs 1,950 per sq.ft (2024)
• Gangai Ammn Koil North Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Giri Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total cost for these fees Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Giri Nagar 1st Street?

The Giri Nagar 1st Street is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Ramapuram. It serves as a benchmark for determining the minimum value at which properties can be sold and is used to calculate stamp duty and registration fees.

When a property is sold, the guideline value ensures that the transaction is recorded at a value that reflects the area's standard pricing. This helps maintain transparency in property transactions and ensures that both buyers and sellers are aware of the minimum values applicable in the locality.

Frequently asked questions

What is the current guideline value of Giri Nagar 1st Street?

The current guideline value of Giri Nagar 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in Giri Nagar 1st Street?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Giri Nagar 1st Street?

The Chennai South Joint II Sub Registrar Office covers Giri Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification for Giri Nagar 1st Street?

The land classification for Giri Nagar 1st Street is Residential Class II Type - II, which indicates its designated use for residential purposes.