Guideline Value for GANGAI STREET

Gangai Street guideline value

The current guideline value of Gangai Street in Thiruvanmiyur village is Rs 11,000 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Special Type - II.

How the guideline value of Gangai Street has changed

The guideline value for Gangai Street has seen significant changes over the years. In the 2002 revision, the value was Rs 1,572 per sq.ft, which increased to Rs 1,739 per sq.ft in 2003. Following this, the value rose to Rs 3,000 per sq.ft in 2007, a substantial increase of 73%. The 2012 revision saw the value remain at Rs 10,000 per sq.ft, while in 2017, it increased to Rs 6,700 per sq.ft, reflecting a decrease of 33% from the previous revision. The 2023 revision set the value at Rs 10,000 per sq.ft, which then increased by 10% to the current value of Rs 11,000 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 600%. There are no years in the register that lack a figure for this street.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft, with a median value of Rs 9,900 per sq.ft. Gangai Street's 2024 guideline value of Rs 11,000 per sq.ft is above this median.

• Gangaiamman Koil Street (Bharathiar Nagar): Rs 7,150 per sq.ft (2024)
• Ganesh Nagar 2nd Street: Rs 8,250 per sq.ft (2024)
• Ganesh Nagar 1st Street: Rs 8,250 per sq.ft (2024)
• Ganesh Nagar: Rs 8,250 per sq.ft (2024)
• Ganapathy 6th Street (Avvai Nagar): Rs 7,150 per sq.ft (2024)
• Ganapathy 5th Street (Avvai Nagar): Rs 7,150 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 11,000 per sq.ft, the total guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, making the total cost Rs 9,90,000. 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 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 additional information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Thiruvanmiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When a property is sold, the buyer must pay stamp duty and registration fees 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 area.

Frequently asked questions

What is the current guideline value of Gangai Street?

The current guideline value of Gangai Street is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,572 per sq.ft in 2002 to Rs 11,000 per sq.ft in 2024, reflecting a total increase of 600% over the years.

What is the land classification of Gangai Street?

Gangai Street is classified as Residential Special Type - II, which indicates its designated use for residential purposes.

What are the stamp duty rates applicable for properties in Gangai Street?

The stamp duty rate for properties in Gangai Street is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles registrations for Gangai Street?

The registrations for Gangai Street are handled by 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.