Guideline Value for Gangai Karai Puram

Gangai Karai Puram guideline value

The current guideline value of Gangai Karai Puram is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this street is Residential Class IV Type - II.

How the guideline value of Gangai Karai Puram has changed

Over the years, the guideline value of Gangai Karai Puram has seen significant changes. The earliest recorded figure is from 2002, which was Rs 589 per sq.ft. This value increased to Rs 1,800 per sq.ft in 2007, marking a rise of 206%. In 2012, the value was Rs 5,000 per sq.ft, reflecting a substantial increase of 178% from the previous revision. However, in 2017, the value dropped to Rs 3,350 per sq.ft, a decrease of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, and most recently, it has increased to Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figure for this street in 2003.

From 2002 to 2024, the overall increase in the guideline value is an impressive 834%. The changes between the revisions highlight the fluctuations in property values in Gangai Karai Puram over the years, with the most significant increase occurring between 2007 and 2012.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft as of 2024. The median value for these streets is Rs 8,800 per sq.ft, placing Gangai Karai Puram's current guideline value below this median.

• Grama 1st Lane: Rs 7,100 per sq.ft (2024)
• Grama 2nd Lane: Rs 7,100 per sq.ft (2024)
• Greams Road (Murugesan Naicker Complex): Rs 11,500 per sq.ft (2024)
• Greems Lane: Rs 11,500 per sq.ft (2024)
• Greems Road: Rs 11,500 per sq.ft (2024)
• Gulam Abbas Alikhan 10th Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Karai Puram

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Gangai Karai Puram?

The Sub Registrar Office that covers Gangai Karai Puram is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

When buying or selling property in Nungambakkam, the guideline value is a crucial factor in determining the stamp duty and registration fees. The guideline value serves as a benchmark for the minimum value at which a property can be registered, ensuring that the government collects appropriate taxes on property transactions.

It is essential for both buyers and sellers to be aware of the current guideline value, as it impacts the financial aspects of property transactions. This value can influence negotiations and is a key component in the overall cost of purchasing or selling real estate in the area.

Frequently asked questions

What is the current guideline value of Gangai Karai Puram?

The current guideline value of Gangai Karai Puram is Rs 5,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 589 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 834% over this period.

What is the land classification for Gangai Karai Puram?

The land classification for Gangai Karai Puram is Residential Class IV Type - II, indicating its suitability for residential development.

What are the other streets in Nungambakkam with their guideline values?

Other streets in Nungambakkam include Grama 1st Lane and Grama 2nd Lane at Rs 7,100 per sq.ft, and Greams Road, Greems Lane, and Greems Road at Rs 11,500 per sq.ft, among others.

Where can I find the Sub Registrar Office for Gangai Karai Puram?

The Sub Registrar Office for Gangai Karai Puram is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.