Guideline Value for Gajalakshmi Nagar Extn

Gajalakshmi Nagar Extn guideline value

The current guideline value of Gajalakshmi Nagar Extn is Rs 3,700 per sq.ft, effective from 1 July 2024. This area is located in 1. Nolambur village under the Villivakkam SRO, classified as Residential Class II Type - I.

How the guideline value of Gajalakshmi Nagar Extn has changed

The guideline value for Gajalakshmi Nagar Extn has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,700 per sq.ft, which is an increase from Rs 3,500 per sq.ft in the 2023 revision. This reflects a change of +6%. Looking back further, the 2017 revision recorded a value of Rs 2,345 per sq.ft, marking a significant increase of +49% to the 2023 figure. Overall, from 2017 to 2024, the guideline value has risen by +58%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in 1. Nolambur

In 1. Nolambur, there are 73 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft, with a median value of Rs 7,100 per sq.ft. The guideline value for Gajalakshmi Nagar Extn is below this median.

• Galaxy Apartments (S.No.327): Rs 7,100 per sq.ft (2024)
• E.V.P. Sriram Nagar: Rs 7,100 per sq.ft (2024)
• Dr.J.J.Nagar Phase I (Jaswanth Nagar to Vembuliamman Koil St): Rs 8,800 per sq.ft (2024)
• Dr.J.J.Nagar Phase II (Nolambur Housing Scheme, TNHB, LIG,MIG,HIG.etc): Rs 8,800 per sq.ft (2024)
• Gokulam Phase I: Rs 7,100 per sq.ft (2024)
• Gokulam Phase II: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Gajalakshmi Nagar Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 3,700 per sq.ft, the total guideline value amounts to Rs 37,00,000. The stamp duty at 7% would be Rs 2,59,000, and the registration fee at 2% would be Rs 74,000, bringing the total fees to Rs 3,33,000. 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 information.

Which Sub Registrar Office covers Gajalakshmi Nagar Extn?

The Sub Registrar Office that covers Gajalakshmi Nagar Extn is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO here.

How the guideline value is used when you buy or sell in 1. Nolambur

The guideline value is a crucial factor during the registration of property transactions in 1. Nolambur. It determines the minimum value at which properties can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When buying or selling property, it is essential to be aware of the current guideline value, as it affects the overall cost of the transaction and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Gajalakshmi Nagar Extn?

The current guideline value of Gajalakshmi Nagar Extn is Rs 3,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased by 58%, rising from Rs 2,345 per sq.ft to Rs 3,700 per sq.ft by 2024.

What is the land classification for Gajalakshmi Nagar Extn?

Gajalakshmi Nagar Extn is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for a property in Gajalakshmi Nagar Extn?

For a property valued at Rs 37,00,000, the stamp duty would be Rs 2,59,000 and the registration fee would be Rs 74,000, totaling Rs 3,33,000.

Which Sub Registrar Office covers Gajalakshmi Nagar Extn?

The Villivakkam Sub Registrar Office covers Gajalakshmi Nagar Extn, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.