Guideline Value for GANGAI NAGAR MAIN ROAD

Gangai Nagar Main Road guideline value

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

How the guideline value of Gangai Nagar Main Road has changed

Over the years, the guideline value for Gangai Nagar Main Road has seen significant changes. Starting from Rs 77 per sq.ft in 2002, the value increased dramatically to Rs 375 per sq.ft in 2007, marking an increase of 387%. The value then rose to Rs 2,300 per sq.ft in 2012, reflecting a substantial increase of 513%. However, it dropped to Rs 1,541 per sq.ft in 2017, a decrease of 33%. The guideline value then climbed to Rs 2,300 per sq.ft in 2023, before reaching the current figure of Rs 2,500 per sq.ft in 2024, which is an increase of 9%.

It is important to note that the register has no figure for Gangai Nagar Main Road for the year 2003. Overall, from 2002 to 2024, the guideline value has increased by 3147%.

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, with a median value of Rs 2,500 per sq.ft. The guideline value of Gangai Nagar Main Road aligns with this median.

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

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 charges Rs 2,25,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Gangai Nagar Main Road?

The Gangai Nagar Main Road falls under the jurisdiction of 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

The guideline value is a crucial factor when registering property transactions in Korattur. It is used to determine the stamp duty and registration fees applicable during the sale or purchase of a property. Buyers and sellers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value helps in ensuring compliance with legal requirements during property transactions. It also aids in estimating the costs involved in the registration process, making it essential for both buyers and sellers in the real estate market.

Frequently asked questions

What is the current guideline value of Gangai Nagar Main Road?

The current guideline value of Gangai Nagar Main Road 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, starting from Rs 77 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 3147% over this period.

What is the stamp duty rate for property in Gangai Nagar Main Road?

The stamp duty rate for property in Gangai Nagar Main Road is 7% of the guideline value or sale price, whichever is higher.

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.

What are the other streets in Korattur with the same guideline value?

Other streets in Korattur with the same guideline value of Rs 2,500 per sq.ft include Gangai Nagar Main Maistry Street, Gangai Nagar Narmatha Street, Gangai Nagar Madurai Veeran Street, Gangai Nagar Nehru Street, Gangai Nagar Madam Street, and Gangai Nagar Kumaran Street.