Guideline Value for GANGAI NAGAR NEW RAJIV STREET

Gangai Nagar New Rajiv Street guideline value

The current guideline value of Gangai Nagar New Rajiv Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the jurisdiction of the Villivakkam Sub Registrar Office, and is classified as Residential Class I Type - III.

How the guideline value of Gangai Nagar New Rajiv Street has changed

The guideline value for Gangai Nagar New Rajiv Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was followed by a decrease to Rs 1,675 per sq.ft in the 2017 revision. However, the most recent revision in 2024 has increased the guideline value to Rs 2,700 per sq.ft, marking a significant rise of 61% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 8%.

There are no figures available for the years 2002, 2003, 2007, and 2023 in the register for this street. The changes in guideline value reflect the fluctuations in property assessments over the years, with the 2012 to 2017 period showing a decrease of 33% before the subsequent increase in 2024.

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 guideline value for these streets is Rs 2,500 per sq.ft, placing Gangai Nagar New Rajiv Street above that median with its current value of Rs 2,700 per sq.ft.

• Gangai Nagar N.S.K Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Nehru Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Padaiachi Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Narmatha Street: Rs 2,500 per sq.ft (2024)
• GANGAI NAGAR PILLIYAR KOIL 1st 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 New Rajiv Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty is charged at 7%, resulting in Rs 1,89,000, while the registration fee is 2%, amounting to Rs 54,000. Therefore, the total cost for stamp duty and registration fees together is Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gangai Nagar New Rajiv Street?

The Sub Registrar Office that covers Gangai Nagar New Rajiv Street is the Villivakkam Sub Registrar Office, 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 registration process for property transactions in Korattur. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are based on an official assessment of property value.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly influences the financial obligations during the registration of property. Accurate knowledge of these values helps in making informed decisions during the transaction process.

Frequently asked questions

What is the current guideline value of Gangai Nagar New Rajiv Street?

The current guideline value of Gangai Nagar New Rajiv Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, and then increased to Rs 2,700 per sq.ft in 2024.

What is the land classification for Gangai Nagar New Rajiv Street?

Gangai Nagar New Rajiv Street is classified as Residential Class I Type - III.

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

The Sub Registrar Office for Gangai Nagar New Rajiv 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 New Rajiv Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at a rate of 7%.