Guideline Value for Gangai Kondan Salai

Gangai Kondan Salai guideline value

The current guideline value of Gangai Kondan Salai is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village, under the Ashok Nagar SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Gangai Kondan Salai has changed

The guideline value for Gangai Kondan Salai has undergone several revisions over the years. The 2007 revision set the value at Rs 800 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012, marking a significant rise of 275%. However, between 2012 and 2017, the value decreased to Rs 2,010 per sq.ft, a drop of 33%. The 2017 revision then saw a substantial increase to Rs 3,000 per sq.ft in 2023, which was followed by a further rise to Rs 3,300 per sq.ft in the 2024 revision, reflecting a 10% increase.

It is important to note that the register has no figures for Gangai Kondan Salai for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 313%.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Gangai Kondan Salai's 2024 figure below this median.

• Gangaiamman Koil Street: Rs 4,900 per sq.ft (2024)
• Ganga Nagar: Rs 6,000 per sq.ft (2024)
• Ganga Nagar 1st Street: Rs 6,000 per sq.ft (2024)
• Ganga Nagar 2nd Street: Rs 6,000 per sq.ft (2024)
• Ganga Nagar 3rd Street: Rs 6,000 per sq.ft (2024)
• Ganga Nagar 4th Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Kondan Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the 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 Kondan Salai?

The Sub Registrar Office that covers Gangai Kondan Salai is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Kodambakkam. It determines the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must be aware of the current guideline value to facilitate a smooth transaction process.

When purchasing a property, the guideline value also serves as a reference point for assessing the property's worth. It is essential for both parties in the transaction to understand this value to negotiate effectively and comply with legal requirements during registration.

Frequently asked questions

What is the current guideline value of Gangai Kondan Salai?

The current guideline value of Gangai Kondan Salai is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 313% across the years.

What are the stamp duty and registration fees for properties in Gangai Kondan Salai?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft property, the total cost would be Rs 2,97,000.

Which office handles registrations for Gangai Kondan Salai?

The Ashok Nagar Sub Registrar Office handles registrations for Gangai Kondan Salai, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties, ensuring that appropriate stamp duty and registration fees are collected by the government. It serves as a reference point for buyers and sellers during property transactions.