Guideline Value for Galaxy Nagar

Galaxy Nagar guideline value

The current guideline value of Galaxy Nagar, located in Vellarai village under the Sriperumpudur SRO, is Rs 300 per sq.ft. This value is effective from the 2024 revision, which came into effect on 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Galaxy Nagar has changed

The guideline value for Galaxy Nagar has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 300 per sq.ft. This remained unchanged until the 2017 revision, where it dropped to Rs 201 per sq.ft, marking a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%, bringing it back to Rs 300 per sq.ft. The 2023 revision maintained this value, and there was no change in the 2024 revision, keeping it at Rs 300 per sq.ft.

It is important to note that the guideline register has no figures for the years 2002, 2003, and 2007 regarding this street. Overall, comparing the 2012 figure to the 2024 figure shows no change, as both are Rs 300 per sq.ft.

Guideline values in Vellarai

In Vellarai village, there are 20 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 110 to Rs 1,500 per sq.ft, with a median value of Rs 300 per sq.ft. Galaxy Nagar's 2024 guideline value aligns with this median. Below are the guideline values for other streets in Vellarai:

• Enlight - III: Rs 300 per sq.ft (2024)
• Enlight - II: Rs 300 per sq.ft (2024)
• Enlight: Rs 300 per sq.ft (2024)
• Bajanai Koil Street: Rs 150 per sq.ft (2024)
• Anandham Nagar: Rs 300 per sq.ft (2024)
• Madhurai Veeran Street: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Galaxy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 300 per sq.ft, the total guideline value amounts to Rs 3,00,000. The stamp duty is charged at 7%, which totals Rs 21,000, and the registration fee is at 2%, amounting to Rs 6,000. Together, these fees total Rs 27,000. 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 Galaxy Nagar?

The Sub Registrar Office that covers Galaxy Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process for buying or selling property in Vellarai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair price according to government standards.

When a buyer or seller approaches the registration office, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, reflecting the market conditions as per the established guidelines.

Frequently asked questions

What is the current guideline value of Galaxy Nagar?

The current guideline value of Galaxy Nagar is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 300 per sq.ft since 2012, except for a drop to Rs 201 per sq.ft in 2017. It then increased back to Rs 300 per sq.ft by 2023 and has remained unchanged in the 2024 revision.

What are the stamp duty and registration fees for properties in Galaxy Nagar?

For a property valued at Rs 3,00,000, the stamp duty is Rs 21,000 at 7%, and the registration fee is Rs 6,000 at 2%. The total fees would amount to Rs 27,000.

Which Sub Registrar Office serves Galaxy Nagar?

The Sriperumpudur Sub Registrar Office serves Galaxy Nagar, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

What is the land classification for Galaxy Nagar?

The land classification for Galaxy Nagar is Residential Special Type - II, indicating its designated use for residential purposes within the area.