Guideline Value for Gangadharan Street

Gangadharan Street guideline value

The current guideline value of Gangadharan Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Gangadharan Street has changed

The guideline value for Gangadharan Street has seen several revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 1,250 per sq.ft. This figure increased significantly to Rs 4,500 per sq.ft in 2012, marking a 260% rise. However, it then decreased to Rs 3,015 per sq.ft in 2017, reflecting a decline of 33%. The value rose again to Rs 4,500 per sq.ft in 2023, and then to the current Rs 4,950 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figures for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 296%. The 2023 revision set the value at Rs 4,500 per sq.ft, which was a 49% increase from the 2017 figure. The current value of Rs 4,950 per sq.ft is above the median value of Rs 4,400 per sq.ft for the 333 streets in Saligramam under the Virugambakkam SRO.

Guideline values in Saligramam

In Saligramam, the guideline values vary significantly, with figures ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for the area is Rs 4,400 per sq.ft, positioning Gangadharan Street's 2024 guideline value above this median. Below are some other streets in Saligramam:

• Gangaiamman Koil Street: Rs 4,950 per sq.ft (2024)
• Gandhi Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - V.O.C. Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Vivekanandan Street: Rs 4,950 per sq.ft (2024)
• Gandhi Nagar - Thiruvalluvar Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Singaravelar Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Gangadharan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total costs together to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gangadharan Street?

The Sub Registrar Office that covers Gangadharan Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Saligramam. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately and fairly in the official records.

At the time of registration, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Gangadharan Street?

The current guideline value of Gangadharan Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 1,250 per sq.ft in 2007 to Rs 4,950 per sq.ft in 2024, which is an overall increase of 296%.

What is the land classification for Gangadharan Street?

Gangadharan Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

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

The Sub Registrar Office for Gangadharan Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Gangadharan Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500.