Guideline Value for Gajalakshmi Nagar

Gajalakshmi Nagar guideline value

The current guideline value of Gajalakshmi Nagar, located in Varadarajapuram village, under the Padappai SRO, is Rs 1,320 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Gajalakshmi Nagar has changed

Since the 2007 revision, the guideline value has seen significant changes. In 2007, the value was Rs 250 per sq.ft, which increased dramatically to Rs 1,200 per sq.ft in 2012, marking a rise of 380%. However, in 2017, the value decreased to Rs 804 per sq.ft, reflecting a decline of 33%. The value then increased to Rs 1,200 per sq.ft in 2023, followed by a further increase to Rs 1,320 per sq.ft in 2024, which is a rise of 10%.

Overall, from 2007 to 2024, the guideline value has increased by 428%. The revisions for the years 2002 and 2003 do not have figures recorded for Gajalakshmi Nagar in the register.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Gajalakshmi Nagar's current value below this median.

• Gajalakshmi Nagar @ Marvel County: Rs 1,320 per sq.ft (2024)
• Fortune Residency: Rs 1,650 per sq.ft (2024)
• E.V.P Sriram Nagar: Rs 1,320 per sq.ft (2024)
• Euyropa Carmel Layout: Rs 1,650 per sq.ft (2024)
• Eswari Nagar: Rs 1,100 per sq.ft (2024)
• Elumalai Nagar: Rs 1,650 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 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees together to Rs 1,18,800. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

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 information.

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

The guideline value is crucial during property transactions in Varadarajapuram, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the necessary revenue from property transactions, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Gajalakshmi Nagar?

The current guideline value of Gajalakshmi Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 250 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 428% over the years.

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

Other streets in Varadarajapuram include Fortune Residency at Rs 1,650 per sq.ft, E.V.P Sriram Nagar at Rs 1,320 per sq.ft, and Eswari Nagar at Rs 1,100 per sq.ft, among others.

How is stamp duty calculated for properties in Gajalakshmi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot at Rs 1,320 per sq.ft, the stamp duty would be Rs 92,400.

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

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