Guideline Value for Gangai Amman Nagar 7th Street

Gangai Amman Nagar 7th Street guideline value

The current guideline value of Gangai Amman Nagar 7th 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 is classified as Residential Class V Type - I.

How the guideline value of Gangai Amman Nagar 7th Street has changed

The guideline value for Gangai Amman Nagar 7th 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, marking a 10% rise. By 2007, the value jumped significantly to Rs 300 per sq.ft, reflecting an increase of 86%. The value then surged to Rs 2,000 per sq.ft in 2012, a remarkable 567% increase from the previous revision. However, it decreased to Rs 1,340 per sq.ft in 2017, a decline of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, followed by the current value of Rs 2,200 per sq.ft in 2024, which is a 10% increase.

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

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 is Rs 3,050 per sq.ft, placing Gangai Amman Nagar 7th Street's 2024 figure below this median.

• Gangai Amman Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 8th Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Gangai Amman Nagar 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Amman Nagar 7th 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 is charged at 7%, which totals Rs 1,54,000, and the registration fee at 2% amounts to Rs 44,000. Together, the total fees would be Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Gangai Amman Nagar 7th Street?

The Sub Registrar Office that covers Gangai Amman Nagar 7th 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 details.

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

The guideline value is a crucial factor during the registration of property transactions in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property should be registered. This ensures transparency in transactions and helps prevent undervaluation of properties.

Frequently asked questions

What is the current guideline value of Gangai Amman Nagar 7th Street?

The current guideline value of Gangai Amman Nagar 7th 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, marking an overall increase of 1397% over the years.

What are the stamp duty and registration fees for property in Gangai Amman Nagar 7th Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,98,000.

Which Sub Registrar Office covers Gangai Amman Nagar 7th Street?

The Virugambakkam Sub Registrar Office covers Gangai Amman Nagar 7th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Gangai Amman Nagar 7th Street?

Gangai Amman Nagar 7th Street is classified as Residential Class V Type - I, indicating its designation for residential use.