Guideline Value for Gajalakshmi Street

Gajalakshmi Street guideline value

The current guideline value of Gajalakshmi Street is Rs 8,300 per sq.ft, effective from 1 July 2024. This street is located in Egmore village, under the Periamet SRO, and is classified as Residential Class I Type - III.

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 749 per sq.ft, which increased to Rs 826 per sq.ft in 2003. Following this, the value rose significantly to Rs 1,200 per sq.ft in 2007. However, it saw a decrease to Rs 7,600 per sq.ft in 2012, before increasing again to Rs 5,092 per sq.ft in 2017. The most recent revision in 2023 set the value at Rs 7,600 per sq.ft, with the current guideline value being Rs 8,300 per sq.ft as of 2024.

In terms of changes, from 2002 to 2003, the guideline value increased by 10%. The rise from 2003 to 2007 was 45%, while the jump from 2007 to 2012 was a substantial 533%. The value then decreased by 33% from 2012 to 2017, and increased by 49% from 2017 to 2023. The latest revision from 2023 to 2024 shows an increase of 9%. Overall, from 2002 to 2024, the guideline value has increased by 1008%.

Guideline values in Egmore

In Egmore village, there are 465 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, placing Gajalakshmi Street's 2024 value above this median.

• Gandhi Irwin Salai: Rs 22,000 per sq.ft (2024)
• Ethiraj Salai(a) commander in chief road: Rs 18,100 per sq.ft (2024)
• Ethiraj Lane: Rs 13,500 per sq.ft (2024)
• Elllappa Naicken 2nd lane: Rs 7,100 per sq.ft (2024)
• Ellispuram: Rs 3,400 per sq.ft (2024)
• Ellappa Naicken street: Rs 7,100 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 8,300 per sq.ft, the total guideline value would be Rs 83,00,000. The stamp duty at 7% would amount to Rs 5,81,000, and the registration fee at 2% would be Rs 1,66,000, bringing the total to Rs 7,47,000. 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 Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for further assistance.

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

The guideline value is a critical factor in the registration process for property transactions in Egmore. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official registry.

It is essential for buyers and sellers to be aware of the guideline value, as it directly affects the costs associated with property transactions. The registration process relies on these values to determine the legal standing of property ownership and transfer.

Frequently asked questions

What is the current guideline value of Gajalakshmi Street?

The current guideline value of Gajalakshmi Street is Rs 8,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 749 in 2002 to Rs 8,300 in 2024, showing an overall increase of 1008% over the years.

What is the median guideline value for streets in Egmore?

The median guideline value for streets in Egmore is Rs 7,100 per sq.ft, with Gajalakshmi Street's 2024 value being above this median.

What are the stamp duty and registration fees for Gajalakshmi Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 83,00,000, leading to a stamp duty of Rs 5,81,000 and a registration fee of Rs 1,66,000, totaling Rs 7,47,000.

Which office handles property registration for Gajalakshmi Street?

The Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003, is responsible for property registration in Gajalakshmi Street.