Guideline Value for Gangaiya Avenue

Gangaiya Avenue guideline value

The current guideline value of Gangaiya Avenue is Rs 1,950 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village, under the Chennai South Joint II SRO, and is classified as Residential Class III Type - I.

How the guideline value of Gangaiya Avenue has changed

The guideline value for Gangaiya Avenue has undergone several revisions over the years. In 2012, the value was set at Rs 1,750 per sq.ft. This figure remained until the next revision in 2017, where it decreased to Rs 1,172 per sq.ft, marking a decline of 33%. In 2023, the value increased to Rs 1,750 per sq.ft, and the most recent revision in 2024 raised it further to Rs 1,950 per sq.ft, reflecting an increase of 11% from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 11%. The revisions for the years 2002, 2003, and 2007 have no figures recorded for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, indicating that Gangaiya Avenue's 2024 guideline value is below this median.

• Gangai Ammn Koil North Street: Rs 3,100 per sq.ft (2024)
• Gangai Amman Koil West Street: Rs 3,100 per sq.ft (2024)
• Gangai Amman Koil Street: Rs 3,100 per sq.ft (2024)
• Gangai Amman Koil South Street: Rs 3,100 per sq.ft (2024)
• Gangai Amman Koil Periya Street: Rs 3,100 per sq.ft (2024)
• Giri Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Gangaiya Avenue

For a 1,000 sq.ft plot at the current rate of Rs 1,950 per sq.ft, the guideline value amounts to Rs 19,50,000. The stamp duty at 7% would be Rs 1,36,500, and the registration fee at 2% would be Rs 39,000, totaling Rs 1,75,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gangaiya Avenue?

The Sub Registrar Office that covers Gangaiya Avenue is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Ramapuram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a transaction occurs, the guideline value helps ensure that the property is registered at a value that reflects its worth according to government standards. This process aids in maintaining transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Gangaiya Avenue?

The current guideline value of Gangaiya Avenue is Rs 1,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,750 per sq.ft in 2012 to Rs 1,172 per sq.ft in 2017, then back to Rs 1,750 per sq.ft in 2023, and currently stands at Rs 1,950 per sq.ft as of 2024.

What is the median guideline value in Ramapuram?

The median guideline value for streets in Ramapuram is Rs 3,100 per sq.ft, which is higher than the current value of Gangaiya Avenue.

What are the stamp duty and registration fees for a property in Gangaiya Avenue?

For a property valued at Rs 19,50,000, the stamp duty would be Rs 1,36,500, and the registration fee would be Rs 39,000, totaling Rs 1,75,500.

Which office handles property registrations for Gangaiya Avenue?

The Chennai South Joint II Sub Registrar Office handles property registrations for Gangaiya Avenue, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.