Guideline Value for GANGAI NAGAR BHARATHI STREET

Gangai Nagar Bharathi Street guideline value

The current guideline value of Gangai Nagar Bharathi Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Korattur village under the Villivakkam Sub Registrar Office (SRO) and falls under the Residential Class II Type - III land classification.

How the guideline value of Gangai Nagar Bharathi Street has changed

The guideline value for Gangai Nagar Bharathi Street has undergone several revisions over the years. In 2002, the guideline value was Rs 77 per sq.ft, which increased significantly to Rs 375 per sq.ft in 2007, marking a rise of 387%. The value then surged to Rs 2,300 per sq.ft in 2012, reflecting a remarkable increase of 513%. However, from 2012 to 2017, there was a decrease to Rs 1,541 per sq.ft, a drop of 33%. The most recent revision in 2024 saw the guideline value rise to Rs 2,500 per sq.ft, which is an increase of 62% from the 2017 figure. The register has no figure for this street in 2023 and 2003.

Overall, from 2002 to 2024, the guideline value has increased by a substantial 3147%. This indicates a significant change in the valuation of properties in this area over the years, reflecting various market dynamics.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value 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 current value of Gangai Nagar Bharathi Street.

• Gangai Nagar Athiyamn Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Bhuvaneswari Koil Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Aringar Anna Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Chamundeswari Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Anna Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Chandriah Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Nagar Bharathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the 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, totaling 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 Bharathi Street?

The Sub Registrar Office that covers Gangai Nagar Bharathi Street 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 information.

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

The guideline value plays a crucial role in the registration process of property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property. Buyers and sellers must consider this value when negotiating the sale price to ensure compliance with legal requirements.

When a property is registered, the guideline value is assessed to calculate the applicable duties. This ensures that the transaction is recorded accurately and that the government receives the appropriate revenue from property sales. Understanding the guideline value is essential for anyone looking to buy or sell property in Korattur.

Frequently asked questions

What is the current guideline value of Gangai Nagar Bharathi Street?

The current guideline value of Gangai Nagar Bharathi Street is Rs 2,500 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 77 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, representing an overall increase of 3147% over the years.

What is the land classification for Gangai Nagar Bharathi Street?

Gangai Nagar Bharathi Street is classified under Residential Class II Type - III.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which office handles the registration for Gangai Nagar Bharathi Street?

The Villivakkam Sub Registrar Office handles the registration for Gangai Nagar Bharathi Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.