Guideline Value for Greems Road

Greems Road guideline value

The current guideline value of Greems Road in Nungambakkam village is Rs 11,500 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint II SRO and is classified as Commercial Special Type - V.

How the guideline value of Greems Road has changed

In the 2007 revision, the guideline value was Rs 4,700 per sq.ft. This increased significantly to Rs 10,500 per sq.ft in the 2012 revision, marking a 123% rise. However, in the 2017 revision, the value decreased to Rs 7,035 per sq.ft, which represented a decline of 33%. The guideline value then rose to Rs 10,500 per sq.ft in the 2023 revision, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 11,500 per sq.ft, a 10% increase from the previous year.

The register does not contain figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 145%.

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, with a median value of Rs 8,800 per sq.ft. Greems Road's 2024 figure is notably above this median.

• Greems Lane: 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 Road

For a 1,000 sq.ft plot at the current guideline value of Rs 11,500 per sq.ft, the total guideline value would be Rs 1,15,00,000. The stamp duty at 7% would amount to Rs 8,05,000, and the registration fee at 2% would be Rs 2,30,000, bringing the total cost together to Rs 10,35,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Greems Road?

The Sub Registrar Office that covers Greems Road 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 serves as a benchmark for property transactions in Nungambakkam. When you register a property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

This value is crucial for both buyers and sellers as it determines the minimum price at which a property can be registered, thereby impacting the overall transaction process.

Frequently asked questions

What is the current guideline value of Greems Road?

The current guideline value of Greems Road 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 seen various changes, from Rs 4,700 per sq.ft in 2007 to Rs 11,500 per sq.ft in 2024, marking an overall increase of 145%.

What is the land classification for Greems Road?

Greems Road is classified as Commercial Special Type - V under the Chennai Central Joint II SRO.

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

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.

Which office handles the registration for Greems Road?

The registration for Greems Road is handled by the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.