Guideline Value for Gangusamy Street

Gangusamy Street guideline value

The current guideline value of Gangusamy Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, falling under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Gangusamy Street has changed

The guideline value for Gangusamy Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in 2017. However, this was followed by a significant increase to Rs 1,500 per sq.ft in 2023, and then to Rs 1,650 per sq.ft in the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. In contrast, there was a 49% increase from 2017 to 2023. The overall change from 2012 to 2024 reflects a 10% increase, aligning the current value with the median guideline value of Rs 1,650 per sq.ft for Chitlapakkam.

Guideline values in Chitlapakkam

Chitlapakkam has a total of 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for the area is Rs 1,650 per sq.ft, which is the same as the current value for Gangusamy Street.

• Ganga Narayanan St: Rs 1,650 per sq.ft (2024)
• G.D. Naidu 1st cross Street: Rs 2,750 per sq.ft (2024)
• G.D. Naidu Street: Rs 2,750 per sq.ft (2024)
• Gandhi Street 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Gandhi Street 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Gandhi Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Gangusamy Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 16,50,000. The stamp duty is charged at 7%, which totals Rs 1,15,500, and the registration fee is 2%, amounting to Rs 33,000. Together, these fees total Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Gangusamy Street?

The Sub Registrar Office that covers Gangusamy Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be sold or transferred, ensuring that the transaction is recorded accurately in the official registry.

When buyers and sellers engage in a property transaction, the guideline value is used to calculate the applicable stamp duty and registration fees, which are necessary for the legal transfer of property ownership. This ensures that the government receives the correct revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gangusamy Street?

The current guideline value of Gangusamy Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Gangusamy Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which Sub Registrar Office is responsible for Gangusamy Street?

The Tambaram Joint 1 Sub Registrar Office is responsible for Gangusamy Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the land classification for Gangusamy Street?

The land classification for Gangusamy Street is Residential Class I Type - III, indicating its suitability for residential development.