Guideline Value for Grace Nagar

Grace Nagar guideline value

The current guideline value of Grace Nagar, located in Chembakkam village under the Selaiyur SRO, is Rs 950 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class IV Type - I land classification.

How the guideline value of Grace Nagar has changed

The guideline value for Grace Nagar has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 250 per sq.ft, which increased significantly to Rs 900 per sq.ft in the 2012 revision. However, this value saw a decrease of 33% to Rs 603 per sq.ft in the 2017 revision. Following this, the guideline value rose to Rs 900 per sq.ft in the 2023 revision, and then to Rs 950 per sq.ft in the 2024 revision, marking a 6% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 280%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Grace Nagar's 2024 figure below this median.

• Gnana Raja Salai: Rs 950 per sq.ft (2024)
• Gurunathar Nagar: Rs 2,700 per sq.ft (2024)
• Gayathri Nagar Main Road: Rs 2,400 per sq.ft (2024)
• Gayathri Nagar 7th Street: Rs 2,400 per sq.ft (2024)
• Gayathri Nagar 7th Cross Street: Rs 2,700 per sq.ft (2024)
• Gayathri Nagar 6th Street: Rs 2,400 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 950 per sq.ft, the total guideline value amounts to Rs 9,50,000. The stamp duty at 7% would be Rs 66,500, and the registration fee at 2% would be Rs 19,000, totaling Rs 85,500. 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 Grace Nagar?

The Sub Registrar Office that covers Grace Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an important factor during the registration of property transactions in Chembakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers must be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Grace Nagar?

The current guideline value of Grace Nagar is Rs 950 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 2007 to Rs 950 per sq.ft in 2024, reflecting an overall increase of 280% over the years.

What are the stamp duty rates for property in Grace Nagar?

The stamp duty for property in Grace Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

What is the median guideline value in Chembakkam?

The median guideline value for streets in Chembakkam is Rs 2,200 per sq.ft, which is higher than the current guideline value of Grace Nagar.