Guideline Value for GANGAI NAGAR (All Inner Side Streets)

GANGAI NAGAR (All Inner Side Streets) guideline value

The current guideline value for GANGAI NAGAR (All Inner Side Streets) is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO, classified as Residential Class II Type - III.

How the guideline value of GANGAI NAGAR (All Inner Side Streets) has changed

In the 2012 revision, the guideline value was Rs 2,300 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded Rs 2,300 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 2,500 per sq.ft, marking a 9% rise from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 9%.

The register does not provide figures for the years 2002, 2003, 2007, and 2017 for GANGAI NAGAR (All Inner Side Streets). Therefore, the only revisions available are from 2012, 2023, and 2024.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, which is equal to the 2024 figure for GANGAI NAGAR (All Inner Side Streets).

• Gangai Nagar Annai Therea Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Annamalaiyar Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Anna Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Aringar Anna Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Athiyamn Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Bharathi Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in GANGAI NAGAR (All Inner Side Streets)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, resulting in a total of Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers GANGAI NAGAR (All Inner Side Streets)?

The Sub Registrar Office that covers GANGAI NAGAR (All Inner Side Streets) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Korattur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the established guideline value or the sale price, whichever is higher.

When buying or selling property, it is essential to be aware of the guideline value as it directly influences the overall cost of the transaction. Buyers should consider this value when negotiating sale prices to ensure they are compliant with the registration requirements.

Frequently asked questions

What is the current guideline value for GANGAI NAGAR?

The current guideline value for GANGAI NAGAR (All Inner Side Streets) is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for GANGAI NAGAR has changed from Rs 2,300 per sq.ft in 2012 to Rs 2,300 per sq.ft in 2023, and then to Rs 2,500 per sq.ft in 2024, marking a 9% increase from 2023 to 2024.

What is the land classification for GANGAI NAGAR?

GANGAI NAGAR (All Inner Side Streets) is classified as Residential Class II Type - III.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated for properties in GANGAI NAGAR?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value results in a total guideline value of Rs 25,00,000, leading to a stamp duty of Rs 1,75,000.