Guideline Value for Gurusamy Nagar 7th street

Gurusamy Nagar 7th street guideline value

The current guideline value of Gurusamy Nagar 7th street is Rs 2,700 per sq.ft, effective from 1 July 2024. 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 Gurusamy Nagar 7th street has changed

The guideline value for Gurusamy Nagar 7th street has undergone several revisions over the years. In 2007, the guideline value was Rs 600 per sq.ft. It 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 drop of 33%. The value then rose sharply 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.

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 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. Gurusamy Nagar 7th street's current guideline value is below this median.

• Gurusamy Nagar 6th street: Rs 2,700 per sq.ft (2024)
• Gurusamy Nagar 8th street: Rs 2,700 per sq.ft (2024)
• Gurusamy Nagar 5th street: Rs 2,700 per sq.ft (2024)
• Gurusamy Nagar 9th street: Rs 2,700 per sq.ft (2024)
• Gurusamy Nagar 4th street: Rs 2,700 per sq.ft (2024)
• Gurusamy Nagar Backside: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Gurusamy Nagar 7th street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total 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, 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.

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

Which Sub Registrar Office covers Gurusamy Nagar 7th street?

The Sub Registrar Office that covers Gurusamy Nagar 7th street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Vepery. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gurusamy Nagar 7th street?

The current guideline value of Gurusamy Nagar 7th 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%.

What are the other streets in Vepery with the same guideline value?

Other streets in Vepery with the same guideline value of Rs 2,700 per sq.ft in 2024 include Gurusamy Nagar 6th street, 8th street, 5th street, 9th street, 4th street, and Gurusamy Nagar Backside.

What fees are applicable when registering property in Gurusamy Nagar 7th street?

The fees applicable when registering property include stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Gurusamy Nagar 7th street?

The Sub Registrar Office for Gurusamy Nagar 7th street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.