Guideline Value for Grimini street

Grimini street guideline value

The current guideline value of Grimini street in Muthialpet village is Rs 3,800 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class III Type - II.

How the guideline value of Grimini street has changed

The guideline value of Grimini street has seen significant changes over the years. In 2002, the guideline value was Rs 672 per sq.ft, which increased to Rs 764 per sq.ft in 2003. Following this, the value rose to Rs 1,200 per sq.ft in 2007, marking a substantial increase of 57%. The 2012 revision saw the value remain at Rs 3,500 per sq.ft, but by 2017, it dropped to Rs 2,345 per sq.ft, a decrease of 33%. The value then increased to Rs 3,500 per sq.ft in 2023, before reaching the current figure of Rs 3,800 per sq.ft in 2024, which is a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 465%. There are no figures available for the revisions in years not listed.

Guideline values in Muthialpet

Muthialpet village has a total of 160 streets under the Chennai North Joint I SRO, with 2024 guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median guideline value for these streets is Rs 5,500 per sq.ft, indicating that Grimini street's current value is below this median.

• Granary street: Rs 7,100 per sq.ft (2024)
• Gopal street: Rs 4,900 per sq.ft (2024)
• Gopal chetty street (Javer street): Rs 4,900 per sq.ft (2024)
• Gomes road: Rs 7,700 per sq.ft (2024)
• Husain marakayar street: Rs 7,100 per sq.ft (2024)
• Ibrahim Salai: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Grimini street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total amount for these fees to Rs 3,42,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Grimini street?

The Sub Registrar Office that covers Grimini street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Muthialpet. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. It is essential to ensure that the transaction adheres to the current guideline values set by the Registration Department.

Buyers and sellers should be aware that the guideline value can affect the overall cost of the transaction. It is advisable to check the latest revisions and values to ensure compliance with the local regulations.

Frequently asked questions

What is the current guideline value of Grimini street?

The current guideline value of Grimini street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 672 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, marking an overall increase of 465%.

What are the other streets in Muthialpet and their values?

Other streets in Muthialpet include Granary street at Rs 7,100 per sq.ft, Gopal street and Gopal chetty street (Javer street) both at Rs 4,900 per sq.ft, Gomes road at Rs 7,700 per sq.ft, Husain marakayar street at Rs 7,100 per sq.ft, and Ibrahim Salai at Rs 11,000 per sq.ft.

What fees are associated with buying property in Grimini street?

When purchasing property in Grimini street, buyers should expect to pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Grimini street?

The Sub Registrar Office for Grimini street is located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find more details online.