Guideline Value for GANGAI NAGAR SAROJINI STREET

Gangai Nagar Sarojini Street guideline value

The current guideline value for Gangai Nagar Sarojini 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). The land classification for this area is Residential Class II Type - III.

How the guideline value of Gangai Nagar Sarojini Street has changed

The guideline value for Gangai Nagar Sarojini Street has seen several revisions over the years. In 2007, the value was Rs 375 per sq.ft, which increased significantly to Rs 2,300 per sq.ft in 2012. However, it decreased to Rs 1,541 per sq.ft in 2017, before rising again to Rs 2,300 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 2,500 per sq.ft, marking a 9% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 567%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

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 value for these streets is Rs 2,500 per sq.ft, which is the same as the guideline value for Gangai Nagar Sarojini Street.

• Gangai Nagar Saraswathy Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Sanjaigandhi Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Sivapuri Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Saibaba Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Srinivasan Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Rajiv Gandhi Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Nagar Sarojini 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, totaling 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 details.

Which Sub Registrar Office covers Gangai Nagar Sarojini Street?

The Gangai Nagar Sarojini Street falls under 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 critical factor when registering property in Korattur. It serves as a benchmark for determining the value of the property during the registration process, ensuring that the sale price is in line with government valuations.

When you buy or sell property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction.

Frequently asked questions

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

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

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which office handles the registration for Gangai Nagar Sarojini Street?

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

What is the land classification for Gangai Nagar Sarojini Street?

The land classification for Gangai Nagar Sarojini Street is Residential Class II Type - III.