Guideline Value for Gajalakshmi Colony

Gajalakshmi Colony guideline value

The current guideline value of Gajalakshmi Colony is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is located in Aminjikarai village, under the AnnaNagar SRO, and is classified as Residential Class II Type - I.

How the guideline value of Gajalakshmi Colony has changed

Over the years, the guideline value of Gajalakshmi Colony has seen significant changes. The 2007 revision set the value at Rs 1,200 per sq.ft, which then increased to Rs 5,000 per sq.ft in 2012, marking a rise of 317%. However, the value decreased to Rs 3,350 per sq.ft in 2017, a drop of 33%. The subsequent revisions saw an increase to Rs 5,000 per sq.ft in 2023, and then to Rs 5,500 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has risen by 358%. There are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Aminjikarai

Aminjikarai village has 99 streets under the AnnaNagar SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, making Gajalakshmi Colony's 2024 figure of Rs 5,500 per sq.ft above the median.

• Gajapathy Lane: Rs 5,500 per sq.ft (2024)
• Gajapathy Street: Rs 5,500 per sq.ft (2024)
• East Park Road: Rs 14,300 per sq.ft (2024)
• East Mada Street: Rs 4,400 per sq.ft (2024)
• East Mada Lane: Rs 4,400 per sq.ft (2024)
• East Club Road: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Gajalakshmi Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. 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 Gajalakshmi Colony?

The Gajalakshmi Colony is covered by the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor in property transactions in Aminjikarai. It serves as a benchmark for determining the minimum value at which a 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 both buyers and sellers understand the official valuation of the property. This value is used to calculate the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Gajalakshmi Colony?

The current guideline value of Gajalakshmi Colony is Rs 5,500 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 1,200 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 358% over the years.

What are the stamp duty rates for properties in Gajalakshmi Colony?

The stamp duty rate for properties in Gajalakshmi Colony is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office handles registrations for Gajalakshmi Colony?

The AnnaNagar Sub Registrar Office handles registrations for Gajalakshmi Colony, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

Where can I find more information about guideline values in Aminjikarai?

More information about guideline values in Aminjikarai can be found in the Registration Department's guideline value register (TNReginet), which lists the values for various streets in the area.