Guideline Value for Grama 2nd Lane

Grama 2nd Lane guideline value

The current guideline value of Grama 2nd Lane is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Grama 2nd Lane has changed

Over the years, the guideline value of Grama 2nd Lane has seen significant changes. The 2007 revision set the value at Rs 2,000 per sq.ft, which increased drastically to Rs 6,500 per sq.ft in the 2012 revision, marking a 225% rise. However, the following revision in 2017 saw a decrease to Rs 4,355 per sq.ft, a drop of 33%. The value then increased to Rs 6,500 per sq.ft in 2023, followed by the latest revision in 2024, which set the guideline value at Rs 7,100 per sq.ft, reflecting a 9% increase from the previous year.

From 2017 to 2023, there was a substantial increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 255%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Grama 2nd Lane's 2024 guideline value below this median.

• Grama 1st Lane: Rs 7,100 per sq.ft (2024)
• Greams Road (Murugesan Naicker Complex): Rs 11,500 per sq.ft (2024)
• Greems Lane: Rs 11,500 per sq.ft (2024)
• Greems Road: Rs 11,500 per sq.ft (2024)
• Gulam Abbas Alikhan 10th Street: Rs 8,800 per sq.ft (2024)
• Gulam Abbas Alikhan 1st Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Grama 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, making the total cost for these fees Rs 6,39,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Grama 2nd Lane?

The Grama 2nd Lane falls under the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees payable during the sale or purchase of a property.

When a property is sold, the buyer must pay stamp duty based on the higher value between the guideline value and the actual sale price. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Grama 2nd Lane?

The current guideline value of Grama 2nd Lane is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 2,000 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, marking an overall increase of 255% over the years.

What is the land classification for Grama 2nd Lane?

The land classification for Grama 2nd Lane is Residential Class II Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property in Grama 2nd Lane?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000 in fees.

Which Sub Registrar Office covers Grama 2nd Lane?

The Chennai Central Joint II Sub Registrar Office covers Grama 2nd Lane, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.