Guideline Value for GANGAI NAGAR MADURAI VEERAN STREET

Gangai Nagar Madurai Veeran Street guideline value

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

How the guideline value of Gangai Nagar Madurai Veeran Street has changed

The guideline value for Gangai Nagar Madurai Veeran Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 77 per sq.ft. This increased significantly to Rs 375 per sq.ft in 2007, marking a change of +387%. The value then saw a substantial jump to Rs 2,300 per sq.ft in 2012, reflecting an increase of +513%. The guideline value remained unchanged at Rs 2,300 per sq.ft in 2023. The latest revision in 2024 has raised the value to Rs 2,500 per sq.ft, which is an increase of +9% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +3147%. It is important to note that there are no figures available for the years 2003 and 2017 in the register 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 value for these streets is Rs 2,500 per sq.ft, which is the same as the guideline value for Gangai Nagar Madurai Veeran Street.

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

Stamp duty and registration fee for property in Gangai Nagar Madurai Veeran 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 cost for these fees to Rs 2,25,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gangai Nagar Madurai Veeran Street?

The Gangai Nagar Madurai Veeran Street falls under 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

When buying or selling property in Korattur, the guideline value plays a crucial role in determining the registration fees and stamp duty. This value is used by the registration department to assess the appropriate charges based on the property size and its classification.

It is essential for buyers and sellers to be aware of the guideline value, as it ensures compliance with legal requirements during property transactions. The guideline value serves as a benchmark for the minimum value at which properties can be registered.

Frequently asked questions

What is the current guideline value of Gangai Nagar Madurai Veeran Street?

The current guideline value of Gangai Nagar Madurai Veeran 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 from Rs 77 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, with significant increases recorded in 2007 and 2012. The value remained unchanged from 2012 to 2023.

What is the land classification for Gangai Nagar Madurai Veeran Street?

The land classification for Gangai Nagar Madurai Veeran Street is Residential Class II Type - III. This classification is important for determining the usage and regulations applicable to the property.

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 would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles the registration for Gangai Nagar Madurai Veeran Street?

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