Guideline Value for GOWRI STREET 1ST CROSS STREET

Gowri Street 1st Cross Street guideline value

The current guideline value of Gowri Street 1st Cross Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Vanagaram village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - III.

How the guideline value of Gowri Street 1st Cross Street has changed

Over the years, the guideline value for Gowri Street 1st Cross Street has seen several revisions. The 2012 revision set the value at Rs 1,000 per sq.ft, which then decreased to Rs 670 per sq.ft in the 2017 revision. The value increased significantly to Rs 1,000 per sq.ft in 2023, and the most recent revision in 2024 has raised it to Rs 1,100 per sq.ft. There are no figures available for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, followed by a remarkable increase of 49% from 2017 to 2023. The current guideline value reflects an overall increase of 10% from the 2012 revision to the 2024 revision.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 770 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,660 per sq.ft, placing the 2024 guideline value of Gowri Street 1st Cross Street below that median.

• Gowri Street 2nd Cross Street: Rs 1,100 per sq.ft (2024)
• Gowri Street 3rd Cross Street: Rs 1,100 per sq.ft (2024)
• Gowri Street 4th Cross Street: Rs 1,100 per sq.ft (2024)
• Gowri Street East: Rs 1,100 per sq.ft (2024)
• Gowri Street West: Rs 1,100 per sq.ft (2024)
• Guru Moorthy Seik Manyam: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Gowri Street 1st Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gowri Street 1st Cross Street?

The Sub Registrar Office that covers Gowri Street 1st Cross 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 information.

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

The guideline value is a crucial factor during the registration of property transactions in Vanagaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as per the current guidelines.

Frequently asked questions

What is the current guideline value of Gowri Street 1st Cross Street?

The current guideline value of Gowri Street 1st Cross Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then increased to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Gowri Street 1st Cross Street?

The land classification for Gowri Street 1st Cross Street is Residential Class IV Type - III.

What are the other streets in Vanagaram with the same guideline value?

Other streets in Vanagaram with the same guideline value of Rs 1,100 per sq.ft include Gowri Street 2nd Cross Street, Gowri Street 3rd Cross Street, Gowri Street 4th Cross Street, Gowri Street East, Gowri Street West, and Guru Moorthy Seik Manyam.

Where is the Sub Registrar Office located for property transactions in this area?

The Sub Registrar Office for property transactions in Gowri Street 1st Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.