Guideline Value for GANGAI NAGAR PADAIACHI STREET

Gangai Nagar Padaiachi Street guideline value

The current guideline value of Gangai Nagar Padaiachi Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Korattur village and falls under the Villivakkam SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Gangai Nagar Padaiachi Street has changed

In the 2012 revision, the guideline value was Rs 2,300 per sq.ft. This figure decreased to Rs 1,541 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to the 2024 revision, the guideline value increased significantly to Rs 2,500 per sq.ft, which is a rise of 62%. Overall, from 2012 to 2024, the guideline value has increased by 9%.

The register does not have figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value is Rs 2,500 per sq.ft, which is the same as the current value for Gangai Nagar Padaiachi Street.

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

Stamp duty and registration fee for property in Gangai Nagar Padaiachi 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 to 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 Padaiachi Street?

The Sub Registrar Office that covers Gangai Nagar Padaiachi Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Korattur

The guideline value plays a crucial role in property transactions in Korattur. It is used to determine the amount of stamp duty and registration fees that are applicable when buying or selling property. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

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

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

How has the guideline value changed over the years?

From the 2012 revision of Rs 2,300 per sq.ft, the value decreased to Rs 1,541 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2024. Overall, the value has increased by 9% from 2012 to 2024.

What is the land classification for Gangai Nagar Padaiachi Street?

The land classification for Gangai Nagar Padaiachi Street is Residential Class II Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, a 1,000 sq.ft plot at the current rate would incur a total cost of Rs 2,25,000 in fees.

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

The Villivakkam Sub Registrar Office covers Gangai Nagar Padaiachi Street and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find your specific SRO through the provided link.