Guideline Value for Green Park

Green Park guideline value

The current guideline value of Green Park, located in Pammathukulam village under the Redhills SRO, is Rs 330 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Green Park has changed

The guideline value for Green Park has seen several revisions over the years. The earliest recorded figure is from the 2007 revision, which was Rs 100 per sq.ft. This increased to Rs 300 per sq.ft in 2012, then decreased to Rs 201 per sq.ft in 2017. The 2023 revision set the value at Rs 300 per sq.ft, and the most recent 2024 revision raised it to Rs 330 per sq.ft, reflecting a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. The 2012 to 2017 period saw a decrease of 33%, while the 2007 to 2012 period experienced a substantial increase of 200%. Overall, from 2007 to 2024, the guideline value has increased by 230%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Pammathukulam

In Pammathukulam, there are 101 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 825 per sq.ft, with a median value of Rs 550 per sq.ft. Green Park's 2024 figure is below this median.

• Green Park Chennai Meadows: Rs 330 per sq.ft (2024)
• Green Acres: Rs 660 per sq.ft (2024)
• Grand City Phase-I: Rs 660 per sq.ft (2024)
• Grand City: Rs 660 per sq.ft (2024)
• Indhra Nagar: Rs 550 per sq.ft (2024)
• G.K. City: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Green Park

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value amounts to Rs 3,30,000. The stamp duty, charged at 7%, would be Rs 23,100, while the registration fee at 2% would be Rs 6,600, bringing the total fees to Rs 29,700. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Green Park?

The Sub Registrar Office covering Green Park is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Pammathukulam. It determines the minimum value at which properties can be registered and is used to calculate stamp duty and registration fees. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value serves as a benchmark for taxation purposes. It is essential for both parties in a transaction to understand how this value affects the overall costs involved in the sale or purchase of property in the area.

Frequently asked questions

What is the current guideline value of Green Park?

The current guideline value of Green Park is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 330 per sq.ft in 2024, representing an overall increase of 230% over this period.

What is the land classification for Green Park?

Green Park is classified as Residential Class III Type - I, which indicates its suitability for residential development.

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Green Park?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 3,30,000, the stamp duty would be Rs 23,100.