Guideline Value for GANGAI STREET

Gangai Street guideline value

The current guideline value of Gangai Street in Kolathuvancheri village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of Gangai Street has changed

The guideline value for Gangai Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. In the 2023 revision, the value increased to Rs 1,500 per sq.ft, and the most recent 2024 revision has raised it to Rs 1,650 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it saw a significant increase of 49%. The overall change from 2012 to 2024 reflects a modest increase of 10%. The transition from 2023 to 2024 marks a 10% rise in the guideline value.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the guideline value of Gangai Street.

• Gangaiamman Koil Street: Rs 1,320 per sq.ft (2024)
• Gandhi Nagar: Rs 1,320 per sq.ft (2024)
• Guberalakshmi Nagar: Rs 1,480 per sq.ft (2024)
• E.V.P. Prabhu Nagar: Rs 1,320 per sq.ft (2024)
• E.V.P. Prabhu Avenue Extension: Rs 2,200 per sq.ft (2024)
• E.V.P. Prabhu Avenue 9th Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost to Rs 1,48,500. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gangai Street?

The Sub Registrar Office that covers Gangai Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolathuvancheri. It serves as a benchmark for determining the stamp duty and registration fees that are applicable to the transaction.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Gangai Street?

The current guideline value of Gangai Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What are the other streets in Kolathuvancheri?

Other streets in Kolathuvancheri include Gangaiamman Koil Street, Gandhi Nagar, Guberalakshmi Nagar, E.V.P. Prabhu Nagar, E.V.P. Prabhu Avenue Extension, and E.V.P. Prabhu Avenue 9th Street, each with their respective guideline values for 2024.

How is stamp duty calculated for properties in Gangai Street?

Stamp duty for properties in Gangai Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% on the guideline value.

Where is the Sub Registrar Office for Gangai Street located?

The Sub Registrar Office for Gangai Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.