Guideline Value for GANGAI NAGAR NARMATHA STREET

Gangai Nagar Narmatha Street guideline value

The current guideline value of Gangai Nagar Narmatha 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 Narmatha Street has changed

Over the years, the guideline value for Gangai Nagar Narmatha Street has seen significant revisions. The 2007 revision set the value at Rs 375 per sq.ft, which increased substantially to Rs 2,300 per sq.ft in 2012, marking a remarkable rise of 513%. However, the value then decreased to Rs 1,541 per sq.ft in 2017, a decline of 33%. Following this, the value surged to Rs 2,300 per sq.ft in 2023, reflecting a 49% increase. The most recent 2024 revision has set the guideline value at Rs 2,500 per sq.ft, which is a 9% increase from the previous year.

The register does not contain figures for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 567%.

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 being Rs 2,500 per sq.ft. Gangai Nagar Narmatha Street's 2024 figure aligns with this median.

• Gangai Nagar Main Road: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Nehru Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Main Maistry Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Madurai Veeran Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar New Rajiv Street: Rs 2,700 per sq.ft (2024)
• Gangai Nagar Madam Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Nagar Narmatha 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, resulting in a total of 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 use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Gangai Nagar Narmatha Street?

The Sub Registrar Office that covers Gangai Nagar Narmatha Street is 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 plays a crucial role in the registration process when buying or selling property in Korattur. It is the basis on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable fees. This ensures that all transactions are subject to the appropriate taxation and regulatory requirements.

Frequently asked questions

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

The current guideline value of Gangai Nagar Narmatha Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased significantly, from Rs 375 per sq.ft to Rs 2,500 per sq.ft in 2024, marking an overall increase of 567%.

What is the land classification for Gangai Nagar Narmatha Street?

Gangai Nagar Narmatha Street is classified as Residential Class II Type - III.

Where can I find the Sub Registrar Office for Gangai Nagar Narmatha Street?

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

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

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