Guideline Value for Grey Nagar 2nd cross Street

Grey Nagar 2nd cross Street guideline value

The current guideline value of Grey Nagar 2nd cross Street is Rs 2,700 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 - I.

How the guideline value of Grey Nagar 2nd cross Street has changed

The guideline value for Grey Nagar 2nd cross Street has seen several revisions over the years. In 2007, the guideline value was Rs 600 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a rise of 317%. However, from 2012 to 2017, the value dropped to Rs 1,675 per sq.ft, a decrease of 33%. The value then increased to Rs 2,500 per sq.ft in 2023, which was a 49% increase from the previous revision. The latest revision in 2024 set the guideline value at Rs 2,700 per sq.ft, reflecting an 8% increase from 2023.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 350%.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 4,800 per sq.ft, positioning Grey Nagar 2nd cross Street below this median.

• Grey Nagar 1stStreet: Rs 2,200 per sq.ft (2024)
• Grey Nagar 2ndStreet: Rs 2,700 per sq.ft (2024)
• Grey Nagar 1st cross Street: 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 2nd cross Street

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, totaling Rs 2,43,000. It is important to note that 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 Grey Nagar 2nd cross Street?

The Sub Registrar Office that covers Grey Nagar 2nd cross Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Vepery. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations and to accurately assess the financial implications of a transaction.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's official valuation, which can help prevent undervaluation during transactions.

Frequently asked questions

What is the current guideline value of Grey Nagar 2nd cross Street?

The current guideline value of Grey Nagar 2nd cross Street is Rs 2,700 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 2,700 per sq.ft in 2024, reflecting an overall increase of 350% over the years.

What is the land classification for Grey Nagar 2nd cross Street?

Grey Nagar 2nd cross Street is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Grey Nagar 2nd cross Street?

The Sub Registrar Office for Grey Nagar 2nd cross Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at a rate of 7%.