Guideline Value for Gangai Amman Nagar 2nd Street

Gangai Amman Nagar 2nd Street guideline value

The current guideline value of Gangai Amman Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, and it falls under the Residential Class V Type - I land classification.

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

The guideline value for Gangai Amman Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is Rs 147 per sq.ft in 2002, which increased to Rs 161 per sq.ft in 2003, marking a 10% rise. In 2007, the value saw a significant jump to Rs 300 per sq.ft, reflecting an increase of 86%. The value then rose dramatically to Rs 2,000 per sq.ft in 2012, with a substantial increase of 567% from the previous revision. However, it decreased to Rs 1,340 per sq.ft in 2017, showing a decline of 33%. The guideline value was revised to Rs 2,000 per sq.ft in 2023, and the latest revision for 2024 is Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1397%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for these streets is Rs 3,050 per sq.ft, placing Gangai Amman Nagar 2nd Street's 2024 figure below that median.

• Gangai Amman Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Amman Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that 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 Gangai Amman Nagar 2nd Street?

The Sub Registrar Office that covers Gangai Amman Nagar 2nd 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 Maduravoyal

The guideline value is a critical factor when registering properties in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction process.

When buying or selling property, the guideline value is compared to the sale price, and the duty is charged on whichever amount is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Gangai Amman Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 147 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1397% over the years.

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

Gangai Amman Nagar 2nd Street is classified as Residential Class V Type - I.

Where can I find the Sub Registrar Office for Gangai Amman Nagar 2nd Street?

The Virugambakkam Sub Registrar Office covers Gangai Amman Nagar 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Gangai Amman Nagar 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,54,000.