Guideline Value for GP Nagar

GP Nagar guideline value

The current guideline value of GP Nagar in Vayaloor village is Rs 155 per sq.ft, effective from 1 July 2024. This area falls under the Sunguvarchattram SRO and is classified as Residential Class I Type - I.

How the guideline value of GP Nagar has changed

The guideline value for GP Nagar has undergone several revisions over the years. The earliest recorded revision is from 2007, where the value was set at Rs 50 per sq.ft. This increased significantly to Rs 150 per sq.ft in 2012, marking a 200% rise. However, in 2017, the value dropped to Rs 100 per sq.ft, a decrease of 33%. The value then rose to Rs 150 per sq.ft in 2023, followed by a further increase to Rs 155 per sq.ft in 2024, reflecting a 3% change.

From 2017 to 2023, the guideline value saw a notable increase of 50%. Overall, from the 2007 revision to the current 2024 figure, there has been a significant increase of 210%. It is important to note that the register has no figures for GP Nagar for the years 2002 and 2003.

Guideline values in Vayaloor

In Vayaloor, there are 18 streets under the Sunguvarchattram SRO that carry a 2024 guideline value ranging from Rs 105 to Rs 155 per sq.ft, with a median value of Rs 105 per sq.ft. GP Nagar's current guideline value is above this median, indicating a higher valuation compared to many other streets in the village.

• Kolla Colony: Rs 105 per sq.ft (2024)
• Kulakarai Street: Rs 155 per sq.ft (2024)
• Mettu Colony: Rs 105 per sq.ft (2024)
• Palla Colony: Rs 105 per sq.ft (2024)
• Perumal Kovil Street: Rs 126 per sq.ft (2024)
• School Street: Rs 155 per sq.ft (2024)

Stamp duty and registration fee for property in GP Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 155 per sq.ft, the total guideline value amounts to Rs 1,55,000. The applicable stamp duty at 7% would be Rs 10,850, and the registration fee at 2% would be Rs 3,100, bringing the total cost for these fees to Rs 13,950. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers GP Nagar?

GP Nagar is covered by the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. For more information, you can find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Vayaloor. It is used to determine the stamp duty and registration fees that are payable during the registration process. Buyers and sellers must be aware of the current guideline value to ensure they are compliant with the local regulations.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the property's valuation.

Frequently asked questions

What is the current guideline value of GP Nagar?

The current guideline value of GP Nagar is Rs 155 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased significantly from Rs 50 per sq.ft to Rs 155 per sq.ft in 2024, marking an overall increase of 210%.

What are the other streets in Vayaloor and their guideline values?

Other streets in Vayaloor include Kolla Colony at Rs 105 per sq.ft, Kulakarai Street at Rs 155 per sq.ft, and several others, with values ranging from Rs 105 to Rs 155 per sq.ft.

What fees are associated with buying property in GP Nagar?

When purchasing property in GP Nagar, buyers must pay a stamp duty of 7% and a registration fee of 2% based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for GP Nagar located?

The Sunguvarchattram Sub Registrar Office is located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone.