Guideline Value for NEW GIRI IST STREET

New Giri Ist Street guideline value

The current guideline value of New Giri Ist Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Residential Class I Type - II.

How the guideline value of New Giri Ist Street has changed

The guideline value for New Giri Ist Street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 8,000 per sq.ft. This figure then dropped to Rs 5,360 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to 2023, the value rose significantly to Rs 8,000 per sq.ft, reflecting an increase of 49%. The most recent revision in 2024 has set the guideline value at Rs 8,800 per sq.ft, representing a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO, with guideline values ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median value is Rs 11,000 per sq.ft, indicating that New Giri Ist Street's 2024 figure is below this median.

• New Giri Road: Rs 8,800 per sq.ft (2024)
• New Boag Road: Rs 9,900 per sq.ft (2024)
• New Postal Colony Street: Rs 8,800 per sq.ft (2024)
• North Boag Road: Rs 11,000 per sq.ft (2024)
• North Boag Road(2nd Cross Street, 2nd Lane): Rs 11,000 per sq.ft (2024)
• North Dhandapani Street / Dhandapani Street: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in New Giri Ist Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000. Together, these fees total Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Giri Ist Street?

The Sub Registrar Office that covers New Giri Ist Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Tnagar. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of New Giri Ist Street?

The current guideline value of New Giri Ist Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 8,000 per sq.ft in 2012 to Rs 5,360 per sq.ft in 2017, then increased to Rs 8,000 per sq.ft in 2023, and finally to Rs 8,800 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in New Giri Ist Street?

For a property valued at Rs 88,00,000, the stamp duty is Rs 6,16,000 and the registration fee is Rs 1,76,000, totaling Rs 7,92,000.

Which Sub Registrar Office is responsible for New Giri Ist Street?

The Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35, is responsible for New Giri Ist Street.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties, ensuring compliance with local regulations. It also affects the calculation of stamp duty and registration fees based on the higher of the guideline value or the sale price.