Guideline Value for Gajalakshmi Nagar

Gajalakshmi Nagar guideline value

The current guideline value of Gajalakshmi Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Hastinapuram village under the Pallavaram SRO and is classified as Mixed Type - II land.

How the guideline value of Gajalakshmi Nagar has changed

The guideline value for Gajalakshmi Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 700 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012. However, this value saw a decrease to Rs 2,345 per sq.ft in 2017. The 2023 revision set the value at Rs 3,500 per sq.ft, with the most recent revision in 2024 raising it to Rs 3,850 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 10%. The most notable change was from 2007 to 2012, where the value increased by 400%. Overall, from 2007 to 2024, the guideline value has increased by 450%.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 2,970 per sq.ft, placing Gajalakshmi Nagar's 2024 figure above this median.

• Erikarai Street: Rs 1,650 per sq.ft (2024)
• Gandhi Street: Rs 2,970 per sq.ft (2024)
• Ganesh Nagar: Rs 3,850 per sq.ft (2024)
• Gangaiamman Koil Street: Rs 1,650 per sq.ft (2024)
• East Mosque Street: Rs 1,650 per sq.ft (2024)
• Gayathri Nagar: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gajalakshmi Nagar?

The Gajalakshmi Nagar area falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Hastinapuram, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price to ensure compliance with local regulations.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Gajalakshmi Nagar?

The current guideline value of Gajalakshmi Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 450% over the years.

What is the land classification of Gajalakshmi Nagar?

Gajalakshmi Nagar is classified as Mixed Type - II land, which affects its guideline value and usage.

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

The Sub Registrar Office covering Gajalakshmi Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Gajalakshmi Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500.