Guideline Value for Greems Lane

Greems Lane guideline value

The current guideline value of Greems Lane is Rs 11,500 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 Commercial Special Type - V.

How the guideline value of Greems Lane has changed

Over the years, the guideline value of Greems Lane has seen significant changes. The earliest recorded figure is from the 2007 revision, which was Rs 3,500 per sq.ft. This rose dramatically to Rs 10,500 per sq.ft in the 2012 revision, marking a 200% increase. However, the value then decreased to Rs 7,035 per sq.ft in 2017, reflecting a decline of 33%. The 2023 revision saw an increase to Rs 10,500 per sq.ft, and the most recent revision in 2024 brought the value up to Rs 11,500 per sq.ft, a 10% rise from the previous year.

In total, from 2007 to 2024, the guideline value has increased by 229%. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Greems Lane's 2024 figure above this median.

• Greems Road: Rs 11,500 per sq.ft (2024)
• Greams Road (Murugesan Naicker Complex): Rs 11,500 per sq.ft (2024)
• Grama 2nd Lane: Rs 7,100 per sq.ft (2024)
• Grama 1st Lane: Rs 7,100 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 Greems Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value amounts to Rs 1,15,00,000. The stamp duty at 7% would be Rs 8,05,000, while the registration fee at 2% would be Rs 2,30,000. The combined total for these fees would be Rs 10,35,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Greems Lane?

The Sub Registrar Office that covers Greems Lane is 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 plays a crucial role during property transactions in Nungambakkam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This value is set by the government and is updated periodically to reflect changes in the real estate market.

When selling property, the guideline value can also influence the sale price, as it serves as a benchmark for both buyers and sellers. It is essential for both parties to be aware of the current guideline value to ensure a smooth transaction process.

Frequently asked questions

What is the current guideline value of Greems Lane?

The current guideline value of Greems Lane is Rs 11,500 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 3,500 per sq.ft in 2007 to Rs 11,500 per sq.ft in 2024, reflecting an overall increase of 229%.

What is the land classification for Greems Lane?

Greems Lane is classified as Commercial Special Type - V, indicating its use for commercial purposes.

What are the stamp duty and registration fees for property in Greems Lane?

For a property valued at Rs 1,15,00,000, the stamp duty would be Rs 8,05,000 and the registration fee would be Rs 2,30,000, totaling Rs 10,35,000.

Where is the Sub Registrar Office for Greems Lane located?

The Sub Registrar Office for Greems Lane is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.