Guideline Value for GAYATHRI NAGAR 2ND STREET

Gayathri Nagar 2nd Street guideline value

The current guideline value of Gayathri Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Gayathri Nagar 2nd Street has changed

The guideline value of Gayathri Nagar 2nd Street has undergone several revisions over the years. In 2012, the guideline value was Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 2,500 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for Gayathri Nagar 2nd Street. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Gayathri Nagar 2nd Street's 2024 figure above that median.

• Gayathri Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Gayathri Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Gayathri Nagar 4th Street: Rs 2,750 per sq.ft (2024)
• Gayathri Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Ganga Nagar Thilagar Street: Rs 2,200 per sq.ft (2024)
• Gangaiamman Koil Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gayathri Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gayathri Nagar 2nd Street?

The Sub Registrar Office that covers Gayathri Nagar 2nd 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 details.

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

The guideline value is a crucial factor in the registration process for property transactions in Medavakkam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. Buyers must ensure they are aware of the current guideline value to avoid any discrepancies during registration.

When selling property, the seller must also consider the guideline value as it impacts the overall transaction cost. It is advisable to check the latest revisions and figures to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Gayathri Nagar 2nd Street?

The current guideline value of Gayathri Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What are the stamp duty and registration fees for properties here?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,47,500.

Where can I find the Sub Registrar Office for Gayathri Nagar 2nd Street?

The Sub Registrar Office for Gayathri Nagar 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Gayathri Nagar 2nd Street?

The land classification for Gayathri Nagar 2nd Street is Commercial Class I Type - III.