Guideline Value for Gajalakshmi Street

Gajalakshmi Street guideline value

The current guideline value of Gajalakshmi Street is Rs 1,210 per sq.ft, effective from 1 July 2024. This street is located in Mudichur village and falls under the Padappai SRO with a land classification of Residential Class II Type - I.

How the guideline value of Gajalakshmi Street has changed

The guideline value for Gajalakshmi Street has seen several revisions over the years. In 2012, the value was Rs 1,100 per sq.ft. This figure decreased to Rs 737 per sq.ft in 2017. Subsequently, the value increased to Rs 1,100 per sq.ft in 2023, and then rose again to Rs 1,210 per sq.ft in 2024.

Between the revisions, the changes were notable. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The increase from 2023 to 2024 was 10%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Mudichur

In Mudichur, there are 135 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,000 per sq.ft, with a median value of Rs 2,200 per sq.ft. Gajalakshmi Street's 2024 figure is below this median.

• Gandhi Nagar: Rs 1,210 per sq.ft (2024)
• Eswaran Nagar: Rs 1,210 per sq.ft (2024)
• Erikkarai Street: Rs 3,630 per sq.ft (2024)
• Gandhi Street: Rs 1,210 per sq.ft (2024)
• Elumalai Nagar: Rs 2,200 per sq.ft (2024)
• Ellaiamman Koil Street: Rs 1,210 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 1,210 per sq.ft, the total guideline value amounts to Rs 12,10,000. The stamp duty at 7% would be Rs 84,700, while the registration fee at 2% would be Rs 24,200, making the total charges Rs 1,08,900. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gajalakshmi Street?

The Sub Registrar Office that covers Gajalakshmi Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Mudichur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable fees. Buyers should be aware that the stamp duty and registration fees are based on the guideline value or the sale price, whichever is higher, ensuring compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Gajalakshmi Street?

The current guideline value of Gajalakshmi Street is Rs 1,210 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2012 to Rs 737 per sq.ft in 2017, then to Rs 1,100 per sq.ft in 2023, and finally to Rs 1,210 per sq.ft in 2024.

What is the land classification for Gajalakshmi Street?

Gajalakshmi Street is classified as Residential Class II Type - I.

Where can I find the registration office for Gajalakshmi Street?

The registration office for Gajalakshmi Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 84,700 based on the guideline value of Rs 12,10,000.