Guideline Value for GANGAI AMMAN KOIL STREET

Gangai Amman Koil Street guideline value

The current guideline value of Gangai Amman Koil Street is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Gangai Amman Koil Street has changed

The guideline value for Gangai Amman Koil Street has undergone several revisions over the years. In 2002, the value was Rs 280 per sq.ft, which increased to Rs 346 per sq.ft in 2003. The following revisions saw significant changes: in 2007, the value rose to Rs 1,100 per sq.ft, and by 2012, it was Rs 2,800 per sq.ft. However, it decreased to Rs 1,876 per sq.ft in 2017. The value then increased to Rs 2,800 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 3,100 per sq.ft.

Between the revisions, there were notable changes. From 2002 to 2024, the overall increase in guideline value is +1007%. The change from 2017 to 2023 was +49%, while the jump from 2023 to 2024 was +11%. The period from 2007 to 2012 saw an increase of +155%, and from 2003 to 2007, it was +218%. The only decrease recorded was from 2012 to 2017, which was -33%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value is Rs 3,100 per sq.ft, which is equal to the current value of Gangai Amman Koil Street.

• Gangai Amman Koil South Street: Rs 3,100 per sq.ft (2024)
• Gangai Amman Koil Periya Street: Rs 3,100 per sq.ft (2024)
• Gangai Amman Koil West Street: Rs 3,100 per sq.ft (2024)
• Gangai Ammn Koil North Street: Rs 3,100 per sq.ft (2024)
• Gangaiya Avenue: Rs 1,950 per sq.ft (2024)
• Giri Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Amman Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value would be Rs 31,00,000. The stamp duty at 7% would amount to Rs 2,17,000, while the registration fee at 2% would be Rs 62,000. Together, the total cost for stamp duty and registration would be Rs 2,79,000. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Gangai Amman Koil Street?

The Sub Registrar Office that covers Gangai Amman Koil Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. For more information, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Ramapuram. It serves as a benchmark for determining the minimum value of the property, ensuring that the transaction is registered at a fair price. This value is essential for calculating the stamp duty and registration fees that are applicable during the transaction.

When a property is sold, the guideline value helps in assessing the taxes owed to the government. It is important for buyers and sellers to be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Gangai Amman Koil Street?

The current guideline value of Gangai Amman Koil Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 280 per sq.ft in 2002 to Rs 3,100 per sq.ft in 2024, showing an overall increase of +1007% over the years.

What are the other streets in Ramapuram with the same guideline value?

Other streets in Ramapuram with the same guideline value of Rs 3,100 per sq.ft include Gangai Amman Koil South Street, Gangai Amman Koil Periya Street, Gangai Amman Koil West Street, and Gangai Ammn Koil North Street.

What is the registration office for Gangai Amman Koil Street?

The registration office for Gangai Amman Koil Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 31,00,000, the stamp duty would be Rs 2,17,000 and the registration fee would be Rs 62,000.