Guideline Value for GANGAI NAGAR EXTENSION

Gangai Nagar Extension guideline value

The current guideline value for Gangai Nagar Extension is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam SRO, classified as Residential Class II Type - III.

How the guideline value of Gangai Nagar Extension has changed

The guideline value for Gangai Nagar Extension has seen significant changes over the years. Starting from Rs 77 per sq.ft in 2002, the value increased to Rs 600 per sq.ft in 2007, marking a substantial rise of 679%. In 2012, the value was revised to Rs 2,300 per sq.ft, which was a decrease of 33% from the previous revision. The value remained at Rs 2,300 per sq.ft until 2017, when it increased to Rs 1,541 per sq.ft. This was followed by a notable increase to Rs 2,300 per sq.ft in 2023, and finally to the current value of Rs 2,500 per sq.ft in 2024, reflecting a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by an impressive 3147%. The register has no figure for the year 2003 for this street.

Guideline values in Korattur

In Korattur village, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value is Rs 2,500 per sq.ft, which is equal to the current guideline value for Gangai Nagar Extension.

• Gangai Nagar Durga Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Dr.Radhakrishnan Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Gandhi Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Chandriah Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Govidnasamy Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Chamundeswari Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Nagar Extension

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, bringing the total cost for these fees to 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 more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gangai Nagar Extension?

The Sub Registrar Office that covers Gangai Nagar Extension 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 is the benchmark used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a buyer agrees on a sale price for a property, the guideline value is compared to this price. The stamp duty and registration fees are then calculated based on the higher of the two values, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gangai Nagar Extension?

The current guideline value of Gangai Nagar Extension 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 increased from Rs 77 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, marking a total increase of 3147% over this period.

What is the role of the Villivakkam SRO?

The Villivakkam SRO is responsible for maintaining the guideline values and facilitating the registration of property transactions in the Korattur area, including Gangai Nagar Extension.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. This ensures that the appropriate fees are collected during property transactions.

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

Other streets in Korattur that share the same guideline value of Rs 2,500 per sq.ft include Gangai Nagar Durga Street, Gangai Nagar Dr.Radhakrishnan Street, Gangai Nagar Gandhi Street, Gangai Nagar Chandriah Street, Gangai Nagar Govidnasamy Street, and Gangai Nagar Chamundeswari Street.