Guideline Value for Gajalakshmi Nagar

Gajalakshmi Nagar guideline value

The current guideline value of Gajalakshmi Nagar is Rs 1,430 per sq.ft, effective from 1 July 2024. This area is located in Manimangalam A village under the Padappai SRO, classified as Residential Special Type - I.

How the guideline value of Gajalakshmi Nagar has changed

The guideline value for Gajalakshmi Nagar has seen significant changes over the years. The 2017 revision set the value at Rs 871 per sq.ft, which increased to Rs 1,300 per sq.ft in the 2023 revision, marking a 49% rise. The most recent 2024 revision has further increased the value to Rs 1,430 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Manimangalam A

In Manimangalam A, there are 112 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 550 to Rs 2,500 per sq.ft. The median guideline value for these streets is Rs 880 per sq.ft, placing Gajalakshmi Nagar's 2024 figure above that median.

• Gajalakshmi Nagar Annex: Rs 1,430 per sq.ft (2024)
• Gajalakshmi Nagar Annex - II: Rs 1,430 per sq.ft (2024)
• Gajalakshmi Nagar Part: Rs 1,430 per sq.ft (2024)
• F.M City: Rs 550 per sq.ft (2024)
• Elumalai Nagar: Rs 770 per sq.ft (2024)
• Ganesh Nagar: Rs 770 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 1,430 per sq.ft, the total guideline value would be Rs 14,30,000. The stamp duty at 7% would amount to Rs 1,00,100, and the registration fee at 2% would be Rs 28,600, resulting in a total of Rs 1,28,700. 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 falls under the Padappai Sub Registrar Office located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Manimangalam A. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is documented accurately in the official records.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Gajalakshmi Nagar?

The current guideline value of Gajalakshmi Nagar is Rs 1,430 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 871 per sq.ft in 2017 to Rs 1,430 per sq.ft in 2024, marking an overall increase of 64% over this period.

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

For a property valued at Rs 14,30,000, the stamp duty would be Rs 1,00,100 and the registration fee would be Rs 28,600, totaling Rs 1,28,700.

Which office handles registrations for Gajalakshmi Nagar?

The Padappai Sub Registrar Office handles registrations for Gajalakshmi Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the land classification for Gajalakshmi Nagar?

Gajalakshmi Nagar is classified as Residential Special Type - I, which determines its usage and value in the real estate market.