Guideline Value for GANGAI NAGAR KAMARAJ STREET

Gangai Nagar Kamaraj Street guideline value

The current guideline value of Gangai Nagar Kamaraj 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 is classified as Residential Class II Type - III.

How the guideline value of Gangai Nagar Kamaraj Street has changed

The guideline value for Gangai Nagar Kamaraj Street has undergone several revisions over the years. The earliest recorded figure is from 2007, when it was Rs 375 per sq.ft. This value saw a significant increase to Rs 2,300 per sq.ft in 2012, marking a rise of 513%. However, the value decreased to Rs 1,541 per sq.ft in 2017, reflecting a decline of 33%. The value then rose again to Rs 2,300 per sq.ft in 2023, with an increase of 49%, before reaching the current value of Rs 2,500 per sq.ft in 2024, which is a 9% increase from the previous year.

It is important to note that there are no recorded 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 value is Rs 2,500 per sq.ft, which is equal to the current guideline value of Gangai Nagar Kamaraj Street.

• Gangai Nagar Kakkanji Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Kambar Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Kabilar Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Kaveri Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Jeevarathinam Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Kumaran Street: Rs 2,500 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, leading to a total of 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 Kamaraj Street?

The Gangai Nagar Kamaraj Street falls under 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction is compliant with local regulations. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the transfer of property ownership.

Frequently asked questions

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

The current guideline value of Gangai Nagar Kamaraj 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, with the most recent increase being from Rs 2,300 per sq.ft in 2023 to Rs 2,500 per sq.ft in 2024. Overall, from 2007 to 2024, the value has increased by 567%.

What is the land classification for Gangai Nagar Kamaraj Street?

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

Where can I find the Sub Registrar Office for Gangai Nagar Kamaraj Street?

The Sub Registrar Office covering Gangai Nagar Kamaraj Street 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 Korattur?

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 would be Rs 1,75,000 at a rate of 7%.