Guideline Value for GAJAPATHY ROAD

Gajapathy Road guideline value

The current guideline value of Gajapathy Road is Rs 7,700 per sq.ft, effective from 1 July 2024. This road is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Gajapathy Road has changed

The guideline value for Gajapathy Road has seen several revisions over the years. In 2007, the value was Rs 2,800 per sq.ft, which increased to Rs 7,000 per sq.ft in 2012. However, there was a decrease to Rs 4,690 per sq.ft in 2017. Following this, the value rose significantly to Rs 7,000 per sq.ft in 2023, and further increased to the current value of Rs 7,700 per sq.ft in 2024, marking a 10% increase from the previous year.

Looking at the changes, the value increased by 150% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then rose by 49% from 2017 to 2023. Overall, from 2007 to 2024, the guideline value has increased by 175%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, placing Gajapathy Road's 2024 figure above this median.

• Flowers Road 4th Lane: Rs 7,100 per sq.ft (2024)
• Flowers Road 3rd Lane: Rs 7,100 per sq.ft (2024)
• Flowers Road 2nd Lane: Rs 7,100 per sq.ft (2024)
• Flowers Road 1st Lane: Rs 7,100 per sq.ft (2024)
• Flowers Road: Rs 8,800 per sq.ft (2024)
• Gandhi Avenue: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Gajapathy Road

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gajapathy Road?

The Sub Registrar Office covering Gajapathy Road is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property registration in Purasaivakkam. It determines the minimum value at which a property can be registered and is used for calculating stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This helps maintain transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Gajapathy Road?

The current guideline value of Gajapathy Road is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Gajapathy Road?

Gajapathy Road is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Gajapathy Road?

The Sub Registrar Office for Gajapathy Road is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties on Gajapathy Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 5,39,000.