Guideline Value for G.E.C Nagar

G.E.C Nagar guideline value

The current guideline value of G.E.C Nagar is Rs 150 per sq.ft, effective from 1 July 2024. This locality is situated in Kolathur village and falls under the jurisdiction of the Sriperumpudur SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of G.E.C Nagar has changed

The guideline value of G.E.C Nagar has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 50 per sq.ft, which increased significantly to Rs 150 per sq.ft in the 2012 revision, marking a 200% rise. However, it then saw a decrease to Rs 100 per sq.ft in the 2017 revision, a reduction of 33% from the previous figure. The value remained stable at Rs 150 per sq.ft in both the 2023 and 2024 revisions, indicating no change between these two years.

There are no figures available in the register for the years 2002 and 2003 for G.E.C Nagar. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 200%.

Guideline values in Kolathur

In Kolathur, there are 45 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 1,300 per sq.ft, with a median value of Rs 250 per sq.ft. G.E.C Nagar's current guideline value is below this median.

• Gandhi Nagar: Rs 300 per sq.ft (2024)
• Guberan Garden: Rs 300 per sq.ft (2024)
• Ideal Forms: Rs 200 per sq.ft (2024)
• David Nagar: Rs 150 per sq.ft (2024)
• Kamaraj Nagar: Rs 300 per sq.ft (2024)
• Bajanai Koil Street: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in G.E.C Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 150 per sq.ft, the total guideline value amounts to Rs 1,50,000. The stamp duty at 7% would be Rs 10,500, and the registration fee at 2% would be Rs 3,000, bringing the total fees to Rs 13,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers G.E.C Nagar?

The Sub Registrar Office that covers G.E.C Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Kolathur, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which are mandatory during the property registration process.

When a buyer or seller engages in a transaction, the guideline value ensures that the property is not undervalued, thereby protecting the interests of both parties and the government in terms of revenue collection. It is essential for all parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of G.E.C Nagar?

The current guideline value of G.E.C Nagar is Rs 150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, from Rs 50 per sq.ft in 2007 to Rs 150 per sq.ft in 2012, then decreasing to Rs 100 per sq.ft in 2017. It has remained at Rs 150 per sq.ft in both 2023 and 2024.

What are the registration fees for property in G.E.C Nagar?

For a property valued at Rs 1,50,000, the stamp duty would be Rs 10,500 and the registration fee would be Rs 3,000, totaling Rs 13,500.

Which office handles the registration of properties in G.E.C Nagar?

The registration of properties in G.E.C Nagar is handled by the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

What is the significance of the guideline value?

The guideline value is significant as it determines the minimum value for property registration, affecting the stamp duty and registration fees. It ensures transparency and fairness in property transactions.