Guideline Value for Gangai Amman Nagar 5th Street

Gangai Amman Nagar 5th Street guideline value

The current guideline value of Gangai Amman Nagar 5th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, classified as Residential Class V Type - I.

How the guideline value of Gangai Amman Nagar 5th Street has changed

The guideline value for Gangai Amman Nagar 5th Street has seen several revisions over the years. In 2002, the value was Rs 147 per sq.ft, which increased to Rs 161 per sq.ft in 2003. Following this, the value rose significantly to Rs 300 per sq.ft in 2007, and then to Rs 2,000 per sq.ft in 2012. However, it experienced a decrease to Rs 1,340 per sq.ft in 2017 before climbing back to Rs 2,000 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft.

Between the revisions, the changes were notable. From 2002 to 2003, there was an increase of 10%. The value saw a significant jump of 86% from 2003 to 2007. The increase from 2007 to 2012 was 567%, but it then dropped by 33% from 2012 to 2017. A substantial increase of 49% occurred from 2017 to 2023, followed by a 10% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1397%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, indicating that the guideline value for Gangai Amman Nagar 5th Street is below this median.

• Gangai Amman Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 8th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Amman Nagar 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to 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 the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Gangai Amman Nagar 5th Street?

The Gangai Amman Nagar 5th Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor when registering property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is bought or sold, the guideline value helps ensure that the transaction is recorded accurately in the official register. This value is used to calculate the applicable duties, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Gangai Amman Nagar 5th Street?

The current guideline value of Gangai Amman Nagar 5th 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 significantly, from Rs 147 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1397%.

What is the registration office for Gangai Amman Nagar 5th Street?

The registration office for Gangai Amman Nagar 5th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Gangai Amman Nagar 5th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 2,200 per sq.ft would incur a total stamp duty of Rs 1,54,000.

What are the guideline values of other streets in Maduravoyal?

Other streets in Maduravoyal have a guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with the median value at Rs 3,050 per sq.ft.