Guideline Value for GILL NAGAR EXTENSION 1ST CROSS STREET

Gill Nagar Extension 1st Cross Street guideline value

The current guideline value of Gill Nagar Extension 1st Cross Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Puliyur village and falls under the Kodambakkam SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Gill Nagar Extension 1st Cross Street has changed

The guideline value for Gill Nagar Extension 1st Cross Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,800 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012. However, there was a decrease to Rs 4,355 per sq.ft in the 2017 revision. The value then rose sharply to Rs 6,500 per sq.ft in 2023, before reaching the current rate of Rs 7,100 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 261% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then increased by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 9% increase. Notably, the register has no figure for this street for the years 2002 and 2003.

Guideline values in Puliyur

In Puliyur, there are 648 streets under the Kodambakkam SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 14,300 per sq.ft, with a median value of Rs 5,800 per sq.ft. The guideline value of Gill Nagar Extension 1st Cross Street is above this median.

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

Stamp duty and registration fee for property in Gill Nagar Extension 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, resulting in a total of 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.

For more information on calculating fees, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gill Nagar Extension 1st Cross Street?

The Gill Nagar Extension 1st Cross Street is covered by the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Puliyur. It serves as the basis for calculating stamp duty and registration fees when buying or selling property. Buyers and sellers must be aware that the guideline value is used to determine the official value of the property during registration.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in real estate dealings. It is essential for both parties to consider the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Gill Nagar Extension 1st Cross Street?

The current guideline value of Gill Nagar Extension 1st Cross 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 1,800 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 294% over the years.

What is the land classification for Gill Nagar Extension 1st Cross Street?

The land classification for Gill Nagar Extension 1st Cross Street is Residential Special Type - II.

Where can I find the Sub Registrar Office for Gill Nagar Extension 1st Cross Street?

The Kodambakkam Sub Registrar Office, which covers Gill Nagar Extension 1st Cross Street, is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 71,00,000, the stamp duty at 7% would be Rs 4,97,000.