Guideline Value for GANGAI NAGAR MADAM STREET

Gangai Nagar Madam Street guideline value

The current guideline value of Gangai Nagar Madam 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 SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Gangai Nagar Madam Street has changed

The guideline value for Gangai Nagar Madam Street has undergone several revisions over the years. The most recent revision, effective from 1 July 2024, set the value at Rs 2,500 per sq.ft, an increase of 9% from the previous year's figure of Rs 2,300 per sq.ft established in 2023. Prior to that, the value remained unchanged at Rs 2,300 per sq.ft since the 2012 revision.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017. Overall, comparing the 2012 and 2024 revisions, the guideline value increased by 9% from Rs 2,300 per sq.ft to Rs 2,500 per sq.ft.

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 for these streets is Rs 2,500 per sq.ft, which matches the current value of Gangai Nagar Madam Street.

• Gangai Nagar Kumaran Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Madurai Veeran Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Kaveri Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Main Maistry Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Kambar Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Main Road: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Nagar Madam 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 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 the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Gangai Nagar Madam Street?

The Gangai Nagar Madam Street falls under the jurisdiction of the Villivakkam Sub Registrar Office. The office is 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 property registration process in Korattur. It serves as a basis for calculating the stamp duty and registration fees that are required during the sale or purchase of property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties and fees. This ensures that the government receives the correct revenue based on the property's value.

Frequently asked questions

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

The current guideline value of Gangai Nagar Madam 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 increased from Rs 2,300 per sq.ft in 2023 to Rs 2,500 per sq.ft in 2024, marking a 9% rise. The value remained unchanged at Rs 2,300 per sq.ft from 2012 to 2023.

What is the land classification for Gangai Nagar Madam Street?

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

Where can I find the registration office for Gangai Nagar Madam Street?

The registration office for Gangai Nagar Madam Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Gangai Nagar Madam Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 25,00,000 would incur a stamp duty of Rs 1,75,000 at 7% and a registration fee of Rs 50,000 at 2%.