Guideline Value for GANGAI NAGAR N.S.K STREET

Gangai Nagar N.S.K Street guideline value

The current guideline value of Gangai Nagar N.S.K 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 N.S.K Street has changed

Over the years, the guideline value of Gangai Nagar N.S.K Street has seen several revisions. The 2007 revision set the value at Rs 375 per sq.ft, which increased significantly to Rs 2,300 per sq.ft in 2012. However, the value then decreased to Rs 1,541 per sq.ft in 2017. Following this, the 2023 revision raised the value to Rs 2,300 per sq.ft, and the most recent 2024 revision has set it at Rs 2,500 per sq.ft. The register does not contain figures for the years 2002 and 2003.

In terms of percentage changes, the guideline value increased by 513% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then rose by 49% from 2017 to 2023. The change from 2023 to 2024 represents a 9% increase. Overall, from 2007 to 2024, there has been a remarkable increase of 567% in the guideline value.

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 the median value being Rs 2,500 per sq.ft. The guideline value for Gangai Nagar N.S.K Street aligns with this median.

• Gangai Nagar New Rajiv Street: Rs 2,700 per sq.ft (2024)
• Gangai Nagar Padaiachi Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Pilliyar Koil 1st Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Nehru Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Pilliyar Koil 2nd 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 N.S.K Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, 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 guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gangai Nagar N.S.K Street?

The Gangai Nagar N.S.K Street falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By 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 determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately and fairly.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these costs are based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Gangai Nagar N.S.K Street?

The current guideline value for Gangai Nagar N.S.K 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, from Rs 375 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 567% over the years.

What is the land classification for Gangai Nagar N.S.K Street?

Gangai Nagar N.S.K Street is classified as Residential Class II Type - III, which indicates its zoning for residential purposes.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office 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 Gangai Nagar N.S.K Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 at a rate of 7%.