Guideline Value for GANGAI NAGAR KAVERI STREET

Gangai Nagar Kaveri Street guideline value

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

How the guideline value of Gangai Nagar Kaveri Street has changed

The guideline value for Gangai Nagar Kaveri Street has undergone several revisions over the years. In 2007, the guideline value was Rs 375 per sq.ft, which significantly increased to Rs 2,300 per sq.ft in 2012, marking a change of +513%. This figure remained unchanged until the 2023 revision, where it was again Rs 2,300 per sq.ft. The most recent revision in 2024 saw the guideline value rise to Rs 2,500 per sq.ft, reflecting a change of +9% from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by +567%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2017 for this street.

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 Kaveri Street.

• Gangai Nagar Kambar Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Kumaran Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Kamaraj Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Madam Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Kakkanji Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Madurai Veeran Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Nagar Kaveri 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 is charged at 7%, which totals Rs 1,75,000, and the registration fee is charged at 2%, amounting to Rs 50,000. Together, the total cost for stamp duty and registration fee would be Rs 2,25,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Gangai Nagar Kaveri Street?

The Sub Registrar Office that covers Gangai Nagar Kaveri 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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that transactions reflect the true value of the property, as determined by the government’s valuation system.

Frequently asked questions

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

The current guideline value of Gangai Nagar Kaveri 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 seen significant changes, increasing from Rs 375 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024. The most notable increase occurred between 2007 and 2012, where it rose by +513%.

What is the median guideline value for streets in Korattur?

The median guideline value for the 617 streets in Korattur under the Villivakkam SRO is Rs 2,500 per sq.ft, which is the same as the current value for Gangai Nagar Kaveri Street.

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 is Rs 1,75,000 and the registration fee is Rs 50,000, totaling Rs 2,25,000. Duty is charged on the higher of the guideline value and the sale price.

Which office handles property registrations for Gangai Nagar Kaveri Street?

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