Guideline Value for GANGAI NAGAR GOVIDNASAMY STREET

Gangai Nagar Govidnasamy Street guideline value

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

How the guideline value of Gangai Nagar Govidnasamy Street has changed

The guideline value for Gangai Nagar Govidnasamy Street has seen several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 375 per sq.ft. This increased significantly to Rs 2,300 per sq.ft in 2012, marking a substantial rise of 513%. However, the value then dropped to Rs 1,541 per sq.ft in 2017, a decrease of 33%. In 2023, the value rose again to Rs 2,300 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 2,500 per sq.ft, reflecting an increase of 9% from the previous year.

In summary, from the 2007 revision to the 2024 revision, the overall change in guideline value is an increase of 567%. Notably, there are no recorded figures for the years 2002 and 2003 for this street.

Guideline values in Korattur

Within Korattur, 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 among these streets is Rs 2,500 per sq.ft, which aligns with the guideline value of Gangai Nagar Govidnasamy Street.

• Gangai Nagar Gandhi Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Indra Strret: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Jayasurya Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Extension: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Jeevarathinam Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Durga Street: Rs 2,500 per sq.ft (2024)

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

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.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Gangai Nagar Govidnasamy Street?

The Gangai Nagar Govidnasamy Street falls under the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. For more information, you can find your SRO.

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

When buying or selling property in Korattur, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is essentially a benchmark set by the government to ensure that property transactions are conducted fairly and transparently.

At the time of registration, the buyer must pay stamp duty based on the higher value between the guideline value and the actual sale price. This ensures that the government collects appropriate revenue from property transactions, reflecting the true value of the property being transferred.

Frequently asked questions

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

The current guideline value of Gangai Nagar Govidnasamy 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 from Rs 375 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, showing an overall increase of 567% over the years.

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 Sub Registrar Office is responsible for Gangai Nagar Govidnasamy Street?

The Villivakkam Sub Registrar Office is responsible for Gangai Nagar Govidnasamy Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for Gangai Nagar Govidnasamy Street?

Gangai Nagar Govidnasamy Street is classified as Residential Class II Type - III, indicating its suitability for residential development.