Guideline Value for Girims street

Girims street guideline value

The current guideline value of Girims street in Muthialpet village is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Girims street has changed

Starting from the 2002 revision, the guideline value for Girims street was Rs 1,268 per sq.ft. It increased to Rs 1,441 per sq.ft in 2003, marking a change of +14%. The value then rose to Rs 2,000 per sq.ft in 2007, which was an increase of +39%. Following this, the 2012 revision saw a decrease to Rs 5,000 per sq.ft, reflecting a change of -33%. The value then increased again to Rs 3,350 per sq.ft in 2017, which was a significant rise of +150%. In the 2023 revision, the guideline value was set at Rs 5,000 per sq.ft, and it further increased by +10% to the current value of Rs 5,500 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value for Girims street has increased by +334%. The register has no figure for the years not listed.

Guideline values in Muthialpet

In Muthialpet village, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median for these streets is Rs 5,500 per sq.ft, which is equal to the guideline value for Girims street.

• Geels street: Rs 7,700 per sq.ft (2024)
• Geels lane: Rs 4,900 per sq.ft (2024)
• Godown Street(Narayanasamy Garden Street): Rs 4,900 per sq.ft (2024)
• Gomes road: Rs 7,700 per sq.ft (2024)
• Gopal chetty street (Javer street): Rs 4,900 per sq.ft (2024)
• Gopal street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Girims street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be 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 fees together Rs 4,95,000. 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 Girims street?

The Sub Registrar Office that covers Girims street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Muthialpet. It serves as the minimum value on which stamp duty and registration fees are calculated during the registration process. Buyers should be aware that the guideline value may influence the sale price, as it sets a standard for property transactions in the area.

When registering a property, it is essential to refer to the guideline value to ensure compliance with local regulations. The registration office will use this value to determine the applicable fees, making it a vital aspect of any real estate transaction in Muthialpet.

Frequently asked questions

What is the current guideline value of Girims street?

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

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 1,268 per sq.ft to Rs 5,500 per sq.ft in 2024, representing an overall increase of +334%.

What is the role of the Chennai North Joint I SRO?

The Chennai North Joint I SRO is responsible for maintaining the guideline values and overseeing the registration of properties in its jurisdiction, including Girims street.

How is stamp duty calculated for properties in Girims street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at a rate of 7%.

Where can I find more information about the registration process?

For more information about the registration process and to find your SRO, you can visit the relevant links provided, including the find your SRO page.