Guideline Value for Gayathri Nagar 1st Street

Gayathri Nagar 1st Street guideline value

The current guideline value of Gayathri Nagar 1st Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Gayathri Nagar 1st Street has changed

The guideline value for Gayathri Nagar 1st Street has seen several revisions over the years. The earliest available figure is from 2007, where the guideline value was Rs 300 per sq.ft. This increased significantly to Rs 2,200 per sq.ft in 2012, marking a substantial rise of 633%. However, the value dropped to Rs 1,474 per sq.ft in 2017, reflecting a decrease of 33%. The value then rose to Rs 2,200 per sq.ft in 2023, before reaching the current rate of Rs 2,400 per sq.ft in 2024, which is an increase of 9% from the previous year.

Between 2017 and 2023, the guideline value increased by 49%. Overall, from the 2007 figure to the current 2024 value, there has been a remarkable increase of 700%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Gayathri Nagar 1st Street above this median.

• Gayathri Nagar 1st Cross Street: Rs 2,400 per sq.ft (2024)
• Gayathri Nagar 2nd Cross Street: Rs 2,400 per sq.ft (2024)
• Gayathri Nagar 2nd Street: Rs 2,400 per sq.ft (2024)
• Gayathri Nagar 3rd Cross Street: Rs 2,400 per sq.ft (2024)
• Gayathri Nagar 3rd Street: Rs 2,400 per sq.ft (2024)
• Gayathri Nagar: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Gayathri Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total to Rs 2,16,000. 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 information.

Which Sub Registrar Office covers Gayathri Nagar 1st Street?

The Sub Registrar Office that covers Gayathri Nagar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Chembakkam

The guideline value is a crucial factor when buying or selling property in Chembakkam, as it determines the minimum price at which a property can be registered. This value is set by the government and is revised periodically to reflect changes in the real estate market.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gayathri Nagar 1st Street?

The current guideline value of Gayathri Nagar 1st Street is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 2,400 per sq.ft in 2024, marking an overall increase of 700% over the years.

What is the median guideline value in Chembakkam?

The median guideline value in Chembakkam is Rs 2,200 per sq.ft, and Gayathri Nagar 1st Street's current value is above this median.

What are the registration fees for property in Gayathri Nagar 1st Street?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Gayathri Nagar 1st Street?

The Selaiyur Sub Registrar Office handles registrations for Gayathri Nagar 1st Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.