Guideline Value for GANGAI NAGAR KABILAR STREET

Gangai Nagar Kabilar Street guideline value

The current guideline value of Gangai Nagar Kabilar Street 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 Kabilar Street has changed

Over the years, the guideline value of Gangai Nagar Kabilar Street has seen significant changes. The 2007 revision recorded a guideline value of Rs 375 per sq.ft, which increased dramatically to Rs 2,300 per sq.ft in 2012, marking a rise of 513%. However, this value decreased to Rs 1,541 per sq.ft in the 2017 revision, a decline of 33%. The subsequent revision in 2023 set the value at Rs 2,300 per sq.ft, reflecting a 49% increase from the previous figure. The latest revision in 2024 has further raised the guideline value to Rs 2,500 per sq.ft, an increase of 9% from 2023.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 567%.

Guideline values in Korattur

In 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 guideline value for these streets is Rs 2,500 per sq.ft, which is equal to the current value of Gangai Nagar Kabilar Street.

• Gangai Nagar Jeevarathinam Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Kakkanji Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Jayasurya Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Kamaraj Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Indra Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Kambar Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Nagar Kabilar 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, making the total cost Rs 2,25,000. It is essential 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 Kabilar Street?

The Sub Registrar Office that covers Gangai Nagar Kabilar Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the 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 is a crucial factor in property transactions in Korattur. It serves as a benchmark for determining the minimum value of the property for registration purposes. When a property is sold, the buyer and seller must consider the guideline value to ensure compliance with registration regulations.

At the time of registration, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value of Gangai Nagar Kabilar 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, increasing from Rs 375 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, which is an overall increase of 567%.

What is the land classification for Gangai Nagar Kabilar Street?

The land classification for Gangai Nagar Kabilar Street is 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 property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 25,00,000, the stamp duty at 7% would be Rs 1,75,000.