Guideline Value for Granary street

Granary street guideline value

The current guideline value of Granary street in Muthialpet village is Rs 7,100 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class I Type - II.

How the guideline value of Granary street has changed

In the 2007 revision, the guideline value was Rs 2,300 per sq.ft. This figure saw a significant increase to Rs 6,500 per sq.ft in the 2012 revision, marking a rise of 183%. However, in the 2017 revision, the value decreased to Rs 4,355 per sq.ft, which was a decline of 33%. The guideline value then increased to Rs 6,500 per sq.ft in the 2023 revision, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 7,100 per sq.ft, representing a 9% increase from the previous year.

There are no figures available for Granary street in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by 209%.

Guideline values in Muthialpet

Granary street's 2024 guideline value of Rs 7,100 per sq.ft is above the median value of Rs 5,500 per sq.ft for the 160 streets in Muthialpet under the Chennai North Joint I SRO, which range from Rs 3,800 to Rs 18,000 per sq.ft.

• Grimini street: Rs 3,800 per sq.ft (2024)
• Gopal street: Rs 4,900 per sq.ft (2024)
• Gopal chetty street (Javer street): Rs 4,900 per sq.ft (2024)
• Gomes road: Rs 7,700 per sq.ft (2024)
• Husain marakayar street: Rs 7,100 per sq.ft (2024)
• Ibrahim Salai: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Granary street

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, totaling Rs 6,39,000. It is important to note that the 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 Granary street?

The Sub Registrar Office that covers Granary street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Muthialpet. It serves as a reference point for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps determine the minimum value at which the property can be registered. This value is essential for both buyers and sellers to understand their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Granary street?

The current guideline value of Granary street 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 seen several revisions, starting from Rs 2,300 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, marking an overall increase of 209% from 2007 to 2024.

What are the stamp duty and registration fees for properties in Granary street?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total fee amounts to Rs 6,39,000.

Which Sub Registrar Office covers Granary street?

The Chennai North Joint I Sub Registrar Office covers Granary street, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It serves as a minimum value for registration, ensuring that all transactions are recorded accurately and fairly.