Guideline Value for Gangai Amman Koil 2nd Street

Gangai Amman Koil 2nd Street guideline value

The current guideline value of Gangai Amman Koil 2nd 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, classified as Residential Class II Type - III.

How the guideline value of Gangai Amman Koil 2nd Street has changed

The guideline value for Gangai Amman Koil 2nd Street has undergone several revisions over the years. In 2012, the value was Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in 2017. Following this, the value saw a significant increase to Rs 3,500 per sq.ft in the 2023 revision, and then further rose to Rs 3,850 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. Notably, there are no figures available in the register for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO with 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, indicating that the 2024 figure for Gangai Amman Koil 2nd Street is below this median.

• Gangai Amman Koil 1st 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 2nd 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, while the registration fee at 2% would be Rs 77,000. The total cost for stamp duty and registration together would be Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gangai Amman Koil 2nd Street?

The Sub Registrar Office that covers Gangai Amman Koil 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering a property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transaction is recorded accurately in the official register.

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 transparency and compliance with local regulations during the property transaction process.

Frequently asked questions

What is the current guideline value of Gangai Amman Koil 2nd Street?

The current guideline value of Gangai Amman Koil 2nd 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 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification for Gangai Amman Koil 2nd Street?

Gangai Amman Koil 2nd Street is classified as Residential Class II Type - III.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for Gangai Amman Koil 2nd Street?

The Velacheri Sub Registrar Office handles registrations for Gangai Amman Koil 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.