Guideline Value for Grace Nagar

Grace Nagar guideline value

The current guideline value of Grace Nagar, located in Orathur village under the Gooduvancheri SRO, is Rs 400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Grace Nagar has changed

The guideline value for Grace Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 250 per sq.ft. This increased to Rs 400 per sq.ft in 2012, remained the same in 2023, and continues to be Rs 400 per sq.ft in the 2024 revision, showing no change from the previous year. The 2017 revision marked a significant increase to Rs 268 per sq.ft, which was a 49% rise from the previous figure.

In summary, the guideline value has fluctuated over the years, with notable changes such as a 60% increase from Rs 250 in 2007 to Rs 400 in 2012, followed by a decrease of 33% to Rs 268 in 2017. Overall, from 2007 to 2024, the guideline value has increased by 60%.

Guideline values in Orathur

In Orathur, there are 80 streets under the Gooduvancheri SRO, with guideline values ranging from Rs 335 to Rs 1,700 per sq.ft. The median value in this area is Rs 500 per sq.ft, placing the guideline value of Grace Nagar below this median.

• Grace Nagar Extn: Rs 500 per sq.ft (2024)
• G K Nagar: Rs 335 per sq.ft (2024)
• Gandhi Nagar Extension-II: Rs 500 per sq.ft (2024)
• Gandhi Nagar Extension-I: Rs 500 per sq.ft (2024)
• Indhira Nagar (Extn): Rs 700 per sq.ft (2024)
• Indhira Nagar Part-II & III: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Grace Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, making a total of Rs 36,000. 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 Grace Nagar?

The Sub Registrar Office that covers Grace Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Orathur, the guideline value is crucial as it determines the stamp duty and registration fees applicable during the registration process. The guideline value acts as a benchmark for the minimum value at which a property can be registered.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements and to avoid any discrepancies during the registration of property transactions.

Frequently asked questions

What is the current guideline value of Grace Nagar?

The current guideline value of Grace Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with significant increases and decreases over the years. For instance, it increased from Rs 250 in 2007 to Rs 400 in 2012, then decreased to Rs 268 in 2017, and has remained at Rs 400 since 2023.

What is the land classification for Grace Nagar?

The land classification for Grace Nagar is Residential Special Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Grace Nagar?

The Sub Registrar Office for Grace Nagar is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is the stamp duty calculated for property transactions in Grace Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 4,00,000, the stamp duty would be Rs 28,000 at a rate of 7%.