Guideline Value for GILL NAGAR 2ND STREET

Gill Nagar 2nd Street guideline value

The current guideline value of Gill Nagar 2nd Street in Puliyur village, under the Kodambakkam SRO, is Rs 7,100 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Special Type - II land classification.

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

The guideline value for Gill Nagar 2nd Street has seen several revisions over the years. In 2002, the value was Rs 1,502 per sq.ft, which increased to Rs 1,649 per sq.ft in 2003, marking a 10% rise. The value then rose to Rs 2,000 per sq.ft in 2007, reflecting a 21% increase. From 2007 to 2012, the value jumped significantly to Rs 6,500 per sq.ft, showing a 225% increase. However, it dropped back to Rs 4,355 per sq.ft in 2017, a decrease of 33%. The most recent revisions show a rise to Rs 6,500 per sq.ft in 2023, followed by an increase to the current value of Rs 7,100 per sq.ft in 2024, which is a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by 373%. There are no figures available for the years not listed in the register for this street.

Guideline values in Puliyur

In Puliyur village, there are 648 streets under the Kodambakkam SRO, with guideline values ranging from Rs 3,300 to Rs 14,300 per sq.ft. The median guideline value is Rs 5,800 per sq.ft, placing Gill Nagar 2nd Street's 2024 figure above this median.

• Gill Nagar 1st Street Extension: Rs 7,100 per sq.ft (2024)
• Gill Nagar 3rd Street: Rs 7,100 per sq.ft (2024)
• Gill Nagar 1st Street: Rs 7,100 per sq.ft (2024)
• Gill Nagar Extension: Rs 7,100 per sq.ft (2024)
• Gill Nagar Extension 1st Cross Street: Rs 7,100 per sq.ft (2024)
• Gill Nagar Extension 2nd Cross Street: Rs 7,100 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, while the registration fee at 2% would be Rs 1,42,000. Therefore, the total cost for stamp duty and registration fee together would be Rs 6,39,000. 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 detailed calculations.

Which Sub Registrar Office covers Gill Nagar 2nd Street?

The Sub Registrar Office that covers Gill Nagar 2nd Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Puliyur. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the transaction's legitimacy and compliance with local regulations. It is essential for both buyers and sellers to be aware of the current guideline value to ensure a smooth registration process.

Frequently asked questions

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

The current guideline value of Gill Nagar 2nd Street is Rs 7,100 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 1,502 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 373%.

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

Gill Nagar 2nd Street is classified as Residential Special Type - II.

What are the stamp duty and registration fees for property in Gill Nagar 2nd Street?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which office handles the registration for Gill Nagar 2nd Street?

The Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026, handles the registration for Gill Nagar 2nd Street.