Guideline Value for G.K. CITY

G.K. City guideline value

The current guideline value of G.K. City, located in Pammathukulam village under the Redhills SRO, is Rs 660 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of G.K. City has changed

Over the years, the guideline value of G.K. City has seen several revisions. The 2012 revision set the value at Rs 600 per sq.ft, which then decreased to Rs 402 per sq.ft in the 2017 revision. Following that, the value increased to Rs 600 per sq.ft in 2023, and most recently, it has risen to Rs 660 per sq.ft in the 2024 revision. The register has no figure for this street in 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, followed by a significant increase of 49% from 2017 to 2023. The change from 2023 to 2024 is an increase of 10%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Pammathukulam

In Pammathukulam, there are 101 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 825 per sq.ft, with a median value of Rs 550 per sq.ft. G.K. City's 2024 guideline value of Rs 660 per sq.ft is above this median.

• Grand City: Rs 660 per sq.ft (2024)
• Grand City Phase-I: Rs 660 per sq.ft (2024)
• Green Acres: Rs 660 per sq.ft (2024)
• Green Park: Rs 330 per sq.ft (2024)
• Green Park Chennai Meadows: Rs 330 per sq.ft (2024)
• Gandhi Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in G.K. City

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, while the registration fee at 2% would be Rs 13,200. Together, these fees total Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers G.K. City?

The Sub Registrar Office that covers G.K. City is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your specific SRO, you can find your SRO.

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

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

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of G.K. City?

The current guideline value of G.K. City is Rs 660 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 2012 to Rs 402 per sq.ft in 2017, then to Rs 600 per sq.ft in 2023, and currently to Rs 660 per sq.ft in 2024.

What are the stamp duty and registration fees for property in G.K. City?

For a property valued at Rs 6,60,000, the stamp duty would be Rs 46,200 and the registration fee would be Rs 13,200, totaling Rs 59,400.

Which Sub Registrar Office covers G.K. City?

The Redhills Sub Registrar Office covers G.K. City, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. Buyers must pay duty based on the higher of the guideline value or the sale price.