Guideline Value for Gangai Street

Gangai Street guideline value

The current guideline value of Gangai Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, classified as Residential Class I Type - III.

How the guideline value of Gangai Street has changed

Starting from the earliest revision, the guideline value for Gangai Street was Rs 282 per sq.ft in 2002. This figure increased to Rs 322 per sq.ft in 2003, marking a change of +14%. The value saw a significant rise to Rs 900 per sq.ft in 2007, which was an increase of +180%. By 2012, the guideline value was Rs 3,500 per sq.ft, reflecting a substantial increase of +289% from the previous revision. However, it decreased to Rs 2,345 per sq.ft in 2017, a drop of -33%.

In 2023, the guideline value rose to Rs 3,500 per sq.ft, and then it increased again to Rs 3,900 per sq.ft in 2024, which is an increase of +11%. Overall, from 2002 to 2024, the guideline value has increased by +1283%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO, with 2024 guideline values ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which is equal to the guideline value of Gangai Street.

• Gas Godown Street (Saraswathi Nagar): Rs 3,900 per sq.ft (2024)
• Godhavari Street: Rs 3,900 per sq.ft (2024)
• Gandhi Street: Rs 3,900 per sq.ft (2024)
• Goodshed 1st Lane: Rs 3,900 per sq.ft (2024)
• Goodshed 2nd Lane: Rs 2,800 per sq.ft (2024)
• Goodshed 3rd Lane: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total to Rs 3,51,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gangai Street?

The Sub Registrar Office that covers Gangai Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

When a property is sold, the guideline value influences the calculation of stamp duty and registration fees. The fees are based on the higher of the guideline value or the actual sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gangai Street?

The current guideline value of Gangai Street is Rs 3,900 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 282 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of +1283% over the years.

What is the land classification of Gangai Street?

Gangai Street is classified as Residential Class I Type - III, indicating its designation for residential use.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which office handles the registration for Gangai Street?

The Alandur Sub Registrar Office handles the registration for Gangai Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.