Guideline Value for GANGAI NAGAR INDRA STRRET

Gangai Nagar Indra Strret guideline value

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

How the guideline value of Gangai Nagar Indra Strret has changed

Over the years, the guideline value for Gangai Nagar Indra Strret has seen several revisions. The 2012 revision set the value at Rs 2,300 per sq.ft, which was then reduced to Rs 1,541 per sq.ft in the 2017 revision. Following this, the 2023 revision increased it to Rs 2,300 per sq.ft, and the latest 2024 revision has raised it further to Rs 2,500 per sq.ft, reflecting a 9% increase from the previous year.

In summary, the changes from the earlier revisions include a significant 49% increase from 2017 to 2023, while the value dropped by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 9%.

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 is Rs 2,500 per sq.ft, which is the same as the current value for Gangai Nagar Indra Strret.

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

Stamp duty and registration fee for property in Gangai Nagar Indra Strret

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 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gangai Nagar Indra Strret?

The Gangai Nagar Indra Strret is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor 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 when a property is bought or sold.

When a property transaction occurs, the guideline value is used to calculate the applicable charges. Buyers and sellers should be aware that the duty is assessed on the higher of the guideline value or the sale price, ensuring that the correct amount is paid during registration.

Frequently asked questions

What is the current guideline value of Gangai Nagar Indra Strret?

The current guideline value of Gangai Nagar Indra Strret is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has seen fluctuations, starting at Rs 2,300 per sq.ft, dropping to Rs 1,541 per sq.ft in 2017, and then rising to Rs 2,300 per sq.ft in 2023, before reaching the current value of Rs 2,500 per sq.ft in 2024.

What is the land classification for Gangai Nagar Indra Strret?

The land classification for Gangai Nagar Indra Strret is Residential Class II Type - III, indicating its suitability for residential development.

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 Indra Strret?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 1,75,000.