Guideline Value for G.P.S NAGAR

G.P.S Nagar guideline value

The current guideline value of G.P.S Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is part of Korattur village, under the Villivakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of G.P.S Nagar has changed

Over the years, the guideline value of G.P.S Nagar has seen significant changes. In 2002, the value was Rs 56 per sq.ft, which increased to Rs 375 per sq.ft in 2007, marking a substantial increase of 570%. In 2012, the value rose to Rs 1,200 per sq.ft, reflecting a 220% increase from the previous revision. However, from 2012 to 2017, the value decreased to Rs 804 per sq.ft, a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 1,300 per sq.ft, representing a 62% increase from 2017.

It is important to note that there are no figures available for the years 2003 and 2023 for G.P.S Nagar. Overall, from 2002 to 2024, the guideline value has increased by 2221%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value for G.P.S Nagar is below this median.

• Gramani Street (Thanthankuppam): Rs 1,600 per sq.ft (2024)
• Govindraj Nagar: Rs 1,600 per sq.ft (2024)
• Gurusamy Nagar: Rs 1,600 per sq.ft (2024)
• Haji Nagar: Rs 1,600 per sq.ft (2024)
• Hajmir Kaja Nagar: Rs 1,600 per sq.ft (2024)
• Gopala Krishna Nagar Extension: Rs 2,100 per sq.ft (2024)

Stamp duty and registration fee for property in G.P.S Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that 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 G.P.S Nagar?

The Sub Registrar Office that covers G.P.S Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Korattur. It is used to determine the stamp duty and registration fees payable at the time of registration. Buyers and sellers must be aware that the guideline value serves as a benchmark for these fees, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value helps in establishing a fair price for taxation purposes. Both buyers and sellers should understand that the guideline value can influence the overall cost of the transaction, including additional fees that may arise during the registration process.

Frequently asked questions

What is the current guideline value of G.P.S Nagar?

The current guideline value of G.P.S Nagar is Rs 1,300 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 56 per sq.ft in 2002 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 2221%.

What is the land classification of G.P.S Nagar?

G.P.S Nagar is classified as Residential Class IV Type - I.

Where can I find the registration office for G.P.S Nagar?

The registration office for G.P.S Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in G.P.S Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.