Guideline Value for Gajalakshmi Street

Gajalakshmi Street guideline value

The current guideline value of Gajalakshmi Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village, under the Alandur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Gajalakshmi Street has changed

The guideline value for Gajalakshmi Street has undergone several revisions over the years. In 2002, the value was Rs 165 per sq.ft, which increased to Rs 185 per sq.ft in 2003, marking a rise of 12%. The value saw a significant jump to Rs 1,000 per sq.ft in 2007, representing an increase of 441%. In 2012, the value adjusted to Rs 2,500 per sq.ft, reflecting a decrease of 33% from the previous revision. The 2017 revision set the value at Rs 1,675 per sq.ft, which was an increase of 49% from 2012. The most recent revision in 2023 raised the value to Rs 2,500 per sq.ft, followed by the current value of Rs 2,800 per sq.ft in 2024, marking a 12% increase.

There are no figures available for the revisions of Gajalakshmi Street for the years not mentioned above. Overall, from 2002 to 2024, the guideline value has increased by 1597%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,800 per sq.ft, which is equal to the guideline value of Gajalakshmi Street.

• Gandhi Street: Rs 2,200 per sq.ft (2024)
• E.P.R.Nagar: Rs 3,900 per sq.ft (2024)
• Elangovadigal Street: Rs 2,800 per sq.ft (2024)
• Elango Street: Rs 2,200 per sq.ft (2024)
• Gayathri Nagar: Rs 2,800 per sq.ft (2024)
• Gayathri Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Gajalakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000. Together, the total cost for stamp duty and registration fee would be Rs 2,52,000. 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 Street?

The Sub Registrar Office that covers Gajalakshmi Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Ullagaram. It is used to determine the stamp duty and registration fees applicable on the property being bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is compared to the sale price. The higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gajalakshmi Street?

The current guideline value of Gajalakshmi Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly over the years, with an overall increase of 1597% from 2002 to 2024, with various adjustments noted in each revision year.

What is the land classification of Gajalakshmi Street?

Gajalakshmi Street is classified as Residential Class II Type - I, indicating its designation for residential purposes.

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

The Sub Registrar Office for Gajalakshmi Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in Gajalakshmi Street?

Stamp duty for properties in Gajalakshmi Street is calculated based on the higher of the guideline value or the sale price. The current rate is 7% for stamp duty and 2% for the registration fee.