Guideline Value for Gangai Amman Koil 1st Street

Gangai Amman Koil 1st Street guideline value

The current guideline value of Gangai Amman Koil 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Gangai Amman Koil 1st Street has changed

The guideline value for Gangai Amman Koil 1st Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which is an increase of 10% from the 2023 revision of Rs 3,500 per sq.ft. Prior to this, the 2017 revision recorded a guideline value of Rs 2,345 per sq.ft, marking a significant increase of 49% from the previous 2012 figure of Rs 3,500 per sq.ft. It is important to note that the register has no figure for this street for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. Overall, comparing the 2012 revision to the 2024 revision, there has been a total increase of 10%. This reflects the changes in the market and the adjustments made by the authorities in the guideline values over the years.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Gangai Amman Koil 1st Street's 2024 figure below that median.

• Gangai Amman Koil 2nd Street: Rs 3,850 per sq.ft (2024)
• Gangai Amman Koil Main Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar Vigneshwara Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar Ranganathan Street: Rs 3,850 per sq.ft (2024)
• Ganesh Nagar (Nethaji Road/Street, /Pillaiyar Koils Street Extn): Rs 4,400 per sq.ft (2024)
• Ganesh Nagar Main Road (Telephone Colony): Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Amman Koil 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is essential to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gangai Amman Koil 1st Street?

The Sub Registrar Office that covers Gangai Amman Koil 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Velachery, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction process.

When registering a property, the authorities will charge stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Gangai Amman Koil 1st Street?

The current guideline value of Gangai Amman Koil 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023, and now to Rs 3,850 per sq.ft in 2024. There was a decrease from Rs 3,500 in 2012 to Rs 2,345 in 2017, and overall, the value increased by 10% from 2012 to 2024.

What are the other streets in Velachery with similar guideline values?

Other streets in Velachery, such as Gangai Amman Koil 2nd Street and Gangai Amman Koil Main Street, also have a guideline value of Rs 3,850 per sq.ft in 2024. This indicates a consistency in the valuation for these streets.

What fees are involved when purchasing property in Gangai Amman Koil 1st Street?

When purchasing property, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a total fee of Rs 3,46,500 based on the current guideline value.

Where is the Sub Registrar Office for Gangai Amman Koil 1st Street located?

The Sub Registrar Office covering Gangai Amman Koil 1st Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles all registrations for properties in this area.