Guideline Value for Gramaniyar Garden

Gramaniyar Garden guideline value

The current guideline value of Gramaniyar Garden is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Gramaniyar Garden has changed

The guideline value for Gramaniyar Garden has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which remained unchanged until the 2023 revision. In 2023, the guideline value was revised to Rs 2,500 per sq.ft, and then increased to Rs 2,700 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. Notably, there are no figures available for the years 2002, 2003, 2007, and 2017 for this street in the register.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO with a 2024 guideline value range from Rs 1,900 to Rs 4,000 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which is the same as the current guideline value for Gramaniyar Garden.

• Govinda Street (Vivekananda Nagar): Rs 2,700 per sq.ft (2024)
• Govindasamy Street: Rs 2,700 per sq.ft (2024)
• Harbour Colony 1st Street: Rs 2,700 per sq.ft (2024)
• Housing Board Colony: Rs 2,700 per sq.ft (2024)
• Indira Street: Rs 2,200 per sq.ft (2024)
• Ganesh Nagar Extension Part-II: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Gramaniyar Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gramaniyar Garden?

The Gramaniyar Garden area falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Kodungaiyur. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. These fees are calculated based on the guideline value or the actual sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

When selling property, the guideline value helps establish a baseline for the sale price. Buyers and sellers often use this value as a reference point during negotiations, ensuring that both parties are aware of the minimum value set by the government for the property in question.

Frequently asked questions

What is the current guideline value of Gramaniyar Garden?

The current guideline value of Gramaniyar Garden is Rs 2,700 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 2,500 per sq.ft in 2023, and then increased to Rs 2,700 per sq.ft in 2024. This represents an overall increase of 8% from 2012 to 2024.

What is the land classification for Gramaniyar Garden?

Gramaniyar Garden is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Gramaniyar Garden?

For a property valued at the current guideline value of Rs 2,700 per sq.ft, the stamp duty would be 7% of the total guideline value, and the registration fee would be 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 2,43,000.

Which office handles registrations for properties in Gramaniyar Garden?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, is responsible for handling property registrations in Gramaniyar Garden.