Guideline Value for Grey Nagar 2ndStreet

Grey Nagar 2ndStreet guideline value

The current guideline value of Grey Nagar 2ndStreet is Rs 2,700 per sq.ft. This street is located in Vepery village, under the Periamet SRO, and falls under the Residential Class IV Type - I land classification.

How the guideline value of Grey Nagar 2ndStreet has changed

The guideline value for Grey Nagar 2ndStreet has undergone several changes since 2007. In 2007, the guideline value was Rs 600 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012, marking a rise of 317%. However, from 2012 to 2017, the value decreased to Rs 1,675 per sq.ft, a decline of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft, representing an 8% increase from the previous year.

The register has no figures for the years 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 that carry 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, indicating that Grey Nagar 2ndStreet's 2024 figure is below this median.

• Grey Nagar 2nd cross Street: Rs 2,700 per sq.ft (2024)
• Grey Nagar 3rd cross Street: Rs 2,700 per sq.ft (2024)
• Grey Nagar 1stStreet: Rs 2,200 per sq.ft (2024)
• Grey Nagar 3rdStreet: Rs 2,700 per sq.ft (2024)
• Grey Nagar 1st cross Street: 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 2ndStreet

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Grey Nagar 2ndStreet?

The Sub Registrar Office that covers Grey Nagar 2ndStreet 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 when registering property transactions in Vepery. It helps determine the stamp duty and registration fees that need to be paid, ensuring that both the buyer and seller are aware of the official value of the property being exchanged.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Grey Nagar 2ndStreet?

The current guideline value of Grey Nagar 2ndStreet 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 2ndStreet?

Grey Nagar 2ndStreet is classified under Residential Class IV Type - I, which indicates its designation for residential use.

Where can I find the Sub Registrar Office for Grey Nagar 2ndStreet?

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

How is the stamp duty calculated for properties in Vepery?

Stamp duty for properties in Vepery is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the appropriate fees are paid during the registration process.