Guideline Value for GEM FLATS (MOGAPPAIR ROAD)

Gem Flats (Mogappair Road) guideline value

The current guideline value for Gem Flats (Mogappair Road) is Rs 9,900 per sq.ft, effective from 1 July 2024. This property is located in Padi village, under the Villivakkam SRO, and is classified as Residential Special Type - II.

How the guideline value of Gem Flats (Mogappair Road) has changed

The guideline value for this property has seen several revisions over the years. In 2012, the value was Rs 9,000 per sq.ft. This decreased to Rs 6,030 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value rose significantly to Rs 9,000 per sq.ft, an increase of 49%. The most recent revision in 2024 set the value at Rs 9,900 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, comparing the 2012 figure to the 2024 figure, there has been a net increase of 10% over the twelve-year period.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft as of 2024. The median value for these streets is Rs 3,800 per sq.ft, placing Gem Flats (Mogappair Road) above this median.

• Geethanjali Flats (7th Avenue): Rs 13,100 per sq.ft (2024)
• GOLDEN JUBLIEE APPARTMENTS (Padikuppam Road): Rs 6,600 per sq.ft (2024)
• GOODWILL APPARTMENTS (Mogappir Road): Rs 9,900 per sq.ft (2024)
• Gopal Naidu Nagar (G.N.Nagar): Rs 2,800 per sq.ft (2024)
• Gandhi Street: Rs 5,400 per sq.ft (2024)
• Gandhi Nagar: Rs 5,400 per sq.ft (2024)

Stamp duty and registration fee for property in Gem Flats (Mogappair Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value amounts to Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, totaling Rs 8,91,000. 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 Gem Flats (Mogappair Road)?

The Sub Registrar Office that covers Gem Flats (Mogappair Road) 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 online for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Padi. It serves as a benchmark for determining the minimum value at which the property can be registered, ensuring that the transaction is recorded accurately.

When you register a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that both the state and the buyer are protected during property transactions.

Frequently asked questions

What is the current guideline value for Gem Flats (Mogappair Road)?

The current guideline value for Gem Flats (Mogappair Road) is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 9,000 per sq.ft in 2012 to Rs 6,030 per sq.ft in 2017, then increased to Rs 9,000 per sq.ft in 2023, and finally to Rs 9,900 per sq.ft in 2024.

What is the land classification for Gem Flats (Mogappair Road)?

Gem Flats (Mogappair Road) is classified as Residential Special Type - II, which indicates its intended use within the local zoning regulations.

What are the stamp duty and registration fees for this property?

For a 1,000 sq.ft plot, the total guideline value is Rs 99,00,000. The stamp duty at 7% is Rs 6,93,000, and the registration fee at 2% is Rs 1,98,000, totaling Rs 8,91,000.

Where is the Sub Registrar Office for Gem Flats (Mogappair Road)?

The Sub Registrar Office covering Gem Flats (Mogappair Road) is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.