Guideline Value for Gross Street

Gross Street guideline value

The current guideline value of Gross Street in Nemilicherry village is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Gross Street has changed

The guideline value of Gross Street has undergone several revisions over the years. The 2007 revision set the value at Rs 250 per sq.ft, which significantly increased to Rs 2,000 per sq.ft in 2012. However, there was a decrease to Rs 1,340 per sq.ft in the 2017 revision. The 2023 revision saw an increase to Rs 2,000 per sq.ft, followed by the current value of Rs 2,160 per sq.ft in the 2024 revision. The register has no figures for the years 2002 and 2003.

Between the revisions, the guideline value experienced substantial changes. From 2007 to 2012, there was a remarkable increase of 700%. The value then decreased by 33% from 2012 to 2017. The subsequent increase from 2017 to 2023 was 49%, and the latest revision from 2023 to 2024 reflects an 8% increase. Overall, from 2007 to 2024, the guideline value has increased by 764%.

Guideline values in Nemilicherry

Nemilicherry village has 172 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,160 per sq.ft, which is the same as the current value for Gross Street.

• Harijan Colony: Rs 1,100 per sq.ft (2024)
• Gangaiyamman Street: Rs 2,160 per sq.ft (2024)
• Gandhi Street: Rs 2,160 per sq.ft (2024)
• Iyswarya Nagar: Rs 2,200 per sq.ft (2024)
• Fathima Nagar Extn: Rs 2,200 per sq.ft (2024)
• Farthima Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, making the total cost for these fees Rs 1,94,400. 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 more details.

Which Sub Registrar Office covers Gross Street?

The Sub Registrar Office that covers Gross Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Nemilicherry. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value is used to calculate the applicable taxes and fees. This ensures that both buyers and sellers are aware of their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Gross Street?

The current guideline value of Gross Street is Rs 2,160 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 250 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of 764% since 2007.

What is the land classification for Gross Street?

Gross Street is classified as Residential Class II Type - I under the Pallavaram SRO.

Where can I find the Sub Registrar Office for Gross Street?

The Sub Registrar Office for Gross Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Gross Street?

The stamp duty for properties in Gross Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 21,60,000 would incur a stamp duty of Rs 1,51,200.