Guideline Value for GANGAI NAGAR SUNDARI BAI STREET

Gangai Nagar Sundari Bai Street guideline value

The current guideline value of Gangai Nagar Sundari Bai 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 Sundari Bai Street has changed

The guideline value for Gangai Nagar Sundari Bai Street has seen several revisions over the years. The 2007 revision set the value at Rs 375 per sq.ft, which increased significantly to Rs 2,300 per sq.ft in 2012. However, there was a decrease to Rs 1,541 per sq.ft in the 2017 revision. The guideline value then rose to Rs 2,300 per sq.ft in 2023 and reached Rs 2,500 per sq.ft in the 2024 revision, marking a 9% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 567%. It is important to note that there are no figures available for the years 2002 and 2003 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, with the median value also being Rs 2,500 per sq.ft. Gangai Nagar Sundari Bai Street's 2024 guideline value aligns with this median.

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

Stamp duty and registration fee for property in Gangai Nagar Sundari Bai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gangai Nagar Sundari Bai Street?

The Gangai Nagar Sundari Bai Street falls under 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 is a critical factor when registering a property in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps both parties understand the expected value of the property. It is essential for buyers to be aware of the guideline value to avoid overpaying and for sellers to set realistic prices in line with the current market conditions.

Frequently asked questions

What is the current guideline value of Gangai Nagar Sundari Bai Street?

The current guideline value of Gangai Nagar Sundari Bai 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 is the registration office for Gangai Nagar Sundari Bai Street?

The registration office covering Gangai Nagar Sundari Bai 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 this area?

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

What is the land classification for Gangai Nagar Sundari Bai Street?

Gangai Nagar Sundari Bai Street is classified as Residential Class II Type - III, which is relevant for determining the applicable guidelines and regulations for property transactions.