Guideline Value for Grey Nagar 1stStreet

Grey Nagar 1stStreet guideline value

The current guideline value of Grey Nagar 1stStreet is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO, classified as Residential Class IV Type - II.

How the guideline value of Grey Nagar 1stStreet has changed

The guideline value for Grey Nagar 1stStreet has undergone several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 600 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a 233% rise. However, in 2017, the value dropped to Rs 1,340 per sq.ft, reflecting a decrease of 33%. The value then saw a substantial increase to Rs 2,000 per sq.ft in 2023, and further rose to the current rate of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

In summary, from 2017 to 2023, the guideline value increased by 49%, and overall, from 2007 to 2024, it has increased by 267%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. The guideline value of Grey Nagar 1stStreet is below this median.

• Grey Nagar 1st cross Street: Rs 2,700 per sq.ft (2024)
• Grey Nagar 2nd cross Street: Rs 2,700 per sq.ft (2024)
• Grey Nagar 2ndStreet: Rs 2,700 per sq.ft (2024)
• Grey Nagar 3rd cross Street: Rs 2,700 per sq.ft (2024)
• Grey Nagar 3rdStreet: Rs 2,700 per sq.ft (2024)
• Grey Nagar 4th cross Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Grey Nagar 1stStreet

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total cost would be Rs 1,98,000. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Grey Nagar 1stStreet?

The Grey Nagar 1stStreet falls under the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for further assistance.

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

The guideline value is an essential factor in property transactions in Vepery, as it determines the minimum value at which a property can be registered. This value is used to calculate stamp duty and registration fees, ensuring that both the buyer and seller comply with the legal requirements during the sale process.

When buying or selling property, it is crucial to be aware of the guideline value, as it can significantly impact the overall cost of the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal issues during registration.

Frequently asked questions

What is the current guideline value of Grey Nagar 1stStreet?

The current guideline value of Grey Nagar 1stStreet is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, with various revisions in between, including a drop in 2017 and increases in subsequent years.

What is the median guideline value in Vepery?

The median guideline value in Vepery is Rs 4,800 per sq.ft, with Grey Nagar 1stStreet's current value being below this median.

What are the stamp duty and registration fees for properties in Grey Nagar 1stStreet?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations for Grey Nagar 1stStreet?

The Periamet Sub Registrar Office handles property registrations for Grey Nagar 1stStreet, located at 1103, Poonamallee High Road, Chennai-600 003.