Guideline Value for Grey Nagar Krishnapillai 3rd street

Grey Nagar Krishnapillai 3rd street guideline value

The current guideline value of Grey Nagar Krishnapillai 3rd 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 Krishnapillai 3rd street has changed

The guideline value for Grey Nagar Krishnapillai 3rd street has experienced several revisions over the years. Starting from the 2007 revision, the value was Rs 600 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it then decreased to Rs 1,675 per sq.ft in 2017. The 2023 revision saw a rise to Rs 2,500 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 2,700 per sq.ft.

In terms of percentage changes, the value increased by 317% from 2007 to 2012, then decreased by 33% from 2012 to 2017. A substantial increase of 49% was noted from 2017 to 2023, followed by an 8% rise from 2023 to 2024. Overall, the guideline value has increased by 350% from 2007 to 2024. 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. Grey Nagar Krishnapillai 3rd street's 2024 figure is below this median.

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

Stamp duty and registration fee for property in Grey Nagar Krishnapillai 3rd street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total 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, making the total cost for these fees 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. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Grey Nagar Krishnapillai 3rd street?

The Sub Registrar Office that covers Grey Nagar Krishnapillai 3rd 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 plays a crucial role in property transactions in Vepery. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, the buyer must pay the stamp duty and registration fees 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 value of real estate in the area.

Frequently asked questions

What is the current guideline value of Grey Nagar Krishnapillai 3rd street?

The current guideline value of Grey Nagar Krishnapillai 3rd 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 significantly, starting from Rs 600 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024. There have been several revisions, with notable increases and decreases in value along the way.

What is the land classification for Grey Nagar Krishnapillai 3rd street?

Grey Nagar Krishnapillai 3rd street is classified as Residential Class IV Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Grey Nagar Krishnapillai 3rd street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value is Rs 27,00,000, which would incur specific fees based on this amount.