Guideline Value for GANGAI NAGAR SRINIVASAN STREET

Gangai Nagar Srinivasan Street guideline value

The current guideline value of Gangai Nagar Srinivasan Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Korattur village under the Villivakkam SRO, classified as Residential Class II Type - III.

How the guideline value of Gangai Nagar Srinivasan Street has changed

The guideline value for Gangai Nagar Srinivasan Street has undergone several revisions over the years. The earliest available figure is from 2007, where the value was Rs 375 per sq.ft. This increased significantly to Rs 2,300 per sq.ft in 2012, marking a substantial rise of 513%. However, it then decreased to Rs 1,541 per sq.ft in 2017, a drop of 33%. The most recent revisions show an increase to Rs 2,300 per sq.ft in 2023, followed by another increase to Rs 2,500 per sq.ft in 2024, reflecting a 9% rise.

For the years 2002 and 2003, the register has no figure for this street. Overall, from 2007 to 2024, the guideline value has increased by 567%, illustrating significant changes over the years.

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 value is Rs 2,500 per sq.ft, which matches the current guideline value of Gangai Nagar Srinivasan Street.

• Gangai Nagar Sivapuri Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Sundari Bai Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Thamirabarani Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Sarojini Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Thilagavathi Corss Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Saraswathy Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Nagar Srinivasan Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, while 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 details.

Which Sub Registrar Office covers Gangai Nagar Srinivasan Street?

The Sub Registrar Office that covers Gangai Nagar Srinivasan 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 serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the duty is charged on the higher of the two amounts. This ensures that the government receives appropriate revenue from property transactions based on current market conditions.

Frequently asked questions

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

The current guideline value of Gangai Nagar Srinivasan 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 seen significant changes, increasing from Rs 375 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, which is an overall increase of 567%.

What is the land classification for Gangai Nagar Srinivasan Street?

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

Where can I find the registration office for Gangai Nagar Srinivasan Street?

The registration office for Gangai Nagar Srinivasan 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 Srinivasan 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 would be Rs 1,75,000 at 7%.