Guideline Value for Gajalakshmi Nagar

Gajalakshmi Nagar guideline value

The current guideline value of Gajalakshmi Nagar is Rs 2,000 per sq.ft, effective from 1 July 2024. This area is located in Srinivasapuram village under the Kunrathur SRO, classified as Residential Special Type - I.

How the guideline value of Gajalakshmi Nagar has changed

The guideline value of Gajalakshmi Nagar has seen several revisions over the years. Starting from Rs 86 per sq.ft in 2003, the value increased significantly to Rs 1,354 per sq.ft in 2007. The 2012 revision saw a slight adjustment to Rs 1,800 per sq.ft, followed by a decrease to Rs 1,206 per sq.ft in 2017. The most recent revisions show a rise to Rs 1,800 per sq.ft in 2023 and then to Rs 2,000 per sq.ft in 2024, marking an increase of 11% from the previous year.

Between the revisions, there were notable changes. From 2003 to 2007, the guideline value increased by 1474%. The value then decreased by 33% from 2012 to 2017, before rising by 49% from 2017 to 2023. Overall, from 2003 to 2024, the guideline value has increased by 2226%. The register has no figure for the year 2002 for this street.

Guideline values in Srinivasapuram

In Srinivasapuram, there are 39 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 1,550 to Rs 7,400 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Gajalakshmi Nagar's 2024 figure above that median.

• Indira Nagar: Rs 1,550 per sq.ft (2024)
• Indira Nagar Extension: Rs 1,550 per sq.ft (2024)
• Kamatchi amman Nagar: Rs 2,000 per sq.ft (2024)
• Balaji Nagar Annexe: Rs 1,550 per sq.ft (2024)
• Kasi Avenue: Rs 2,000 per sq.ft (2024)
• Arumugam Nagar: Rs 2,000 per sq.ft (2024)

Stamp duty and registration fee for property in Gajalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,000 per sq.ft, the total guideline value would be Rs 20,00,000. The stamp duty at 7% would amount to Rs 1,40,000, and the registration fee at 2% would be Rs 40,000, totaling Rs 1,80,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gajalakshmi Nagar?

The Gajalakshmi Nagar area is covered by the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Srinivasapuram. It is used to determine the stamp duty and registration fees payable at the time of property registration. Buyers and sellers must be aware of the current guideline value to ensure accurate financial planning during the transaction process.

When a property is sold, the guideline value serves as a benchmark for the sale price. This means that the stamp duty is calculated based on the higher value between the guideline value and the actual sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gajalakshmi Nagar?

The current guideline value of Gajalakshmi Nagar is Rs 2,000 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 86 per sq.ft in 2003 to Rs 2,000 per sq.ft in 2024, with various revisions affecting the value over the years.

What are the other streets in Srinivasapuram with their guideline values?

Other streets in Srinivasapuram include Indira Nagar and Indira Nagar Extension at Rs 1,550 per sq.ft, Kamatchi amman Nagar, Kasi Avenue, and Arumugam Nagar at Rs 2,000 per sq.ft, and Balaji Nagar Annexe at Rs 1,550 per sq.ft.

What fees are associated with property registration in Gajalakshmi Nagar?

For property registration in Gajalakshmi Nagar, the stamp duty is 7% of the guideline value, and the registration fee is 2% of the guideline value.

Where can I find the Sub Registrar Office for Gajalakshmi Nagar?

The Sub Registrar Office covering Gajalakshmi Nagar is located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find more information through the provided link.