Guideline Value for Gramaniyar Thottam

Gramaniyar Thottam guideline value

The current guideline value of Gramaniyar Thottam is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is located in Selavoyal village, under the Madhavaram Sub Registrar Office (SRO), and is classified as Residential Class I Type - II.

How the guideline value of Gramaniyar Thottam has changed

The guideline value for Gramaniyar Thottam has undergone several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft. This was followed by a decrease to Rs 1,541 per sq.ft in 2017. The 2023 revision increased the value to Rs 2,300 per sq.ft, and the latest 2024 revision has raised it to Rs 2,500 per sq.ft.

Between the revisions, there have been notable changes. From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The change from 2023 to 2024 reflects a 9% increase. Overall, from 2012 to 2024, the guideline value has increased by 9%.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft, with a median value of Rs 2,200 per sq.ft. Gramaniyar Thottam's 2024 figure is above this median.

• Jai Balaji Nagar 1st Street: Rs 1,900 per sq.ft (2024)
• Jai Balaji Nagar 2nd Street: Rs 1,900 per sq.ft (2024)
• Jai Balaji Nagar 3rd Street: Rs 1,900 per sq.ft (2024)
• Jai Balaji Nagar 4th Street: Rs 1,900 per sq.ft (2024)
• Jai Balaji Nagar 5th Street: Rs 1,900 per sq.ft (2024)
• Jai Balaji Nagar Extension: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Gramaniyar Thottam

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total charges to Rs 2,25,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gramaniyar Thottam?

The Gramaniyar Thottam area falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property registration, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during transactions.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory costs associated with the transfer of property ownership. It is essential for both parties to 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 Gramaniyar Thottam?

The current guideline value of Gramaniyar Thottam is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then increased to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the classification of land in Gramaniyar Thottam?

Gramaniyar Thottam is classified as Residential Class I Type - II.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated in Gramaniyar Thottam?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 at a rate of 7%.