Guideline Value for GAJALAKSHMI NAGAR

Gajalakshmi Nagar guideline value

The current guideline value of Gajalakshmi Nagar is Rs 555 per sq.ft, effective from 1 July 2024. This area is located in Vellanoor-2 village, under the Avadi Sub Registrar Office (SRO), and is classified as Residential Class I Type - I.

How the guideline value of Gajalakshmi Nagar has changed

The guideline value for Gajalakshmi Nagar has undergone several revisions over the years. The register shows no figures for the years 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was Rs 500 per sq.ft, and it increased to Rs 555 per sq.ft in the 2024 revision, reflecting a change of +11%.

The 2024 revision is the most recent update, with the current guideline value being Rs 555 per sq.ft. The previous figure from 2023 was Rs 500 per sq.ft, indicating a notable increase in the guideline value for this street.

Guideline values in Vellanoor-2

In Vellanoor-2, there are 31 streets under the Avadi SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,800 per sq.ft, with the median being Rs 555 per sq.ft. Gajalakshmi Nagar's 2024 figure aligns with this median.

• Ganapathy Nagar: Rs 550 per sq.ft (2024)
• Ganesh Nagar: Rs 555 per sq.ft (2024)
• Chelliyamman Nagar Phase - I: Rs 440 per sq.ft (2024)
• Jayalakshmi Nagar: Rs 555 per sq.ft (2024)
• Bhavani Nagar: Rs 555 per sq.ft (2024)
• Kannappa Garden: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Gajalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 555 per sq.ft, the total guideline value amounts to Rs 5,55,000. The stamp duty at 7% would be Rs 38,850, and the registration fee at 2% would be Rs 11,100, making the total fees together Rs 49,950. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gajalakshmi Nagar?

The Gajalakshmi Nagar area falls under the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Vellanoor-2

The guideline value is a crucial factor in property transactions in Vellanoor-2, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements and to calculate applicable fees.

When a property is sold, the guideline value is used to assess the stamp duty and registration fees. It is essential for both parties to be aware of the current guideline value to facilitate a smooth transaction process.

Frequently asked questions

What is the current guideline value of Gajalakshmi Nagar?

The current guideline value of Gajalakshmi Nagar is Rs 555 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2023 to Rs 555 per sq.ft in 2024, reflecting an increase of +11%. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Gajalakshmi Nagar?

Gajalakshmi Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Gajalakshmi Nagar?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 5,55,000, the total fees would amount to Rs 49,950.

Where can I find the Sub Registrar Office for Gajalakshmi Nagar?

The Avadi Sub Registrar Office covers Gajalakshmi Nagar and is located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.