Guideline Value for Gems Park

Gems Park guideline value

The current guideline value for Gems Park, located in Mugappair village under the Konnur SRO, is Rs 7,100 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Special Type - I land classification.

How the guideline value of Gems Park has changed

The guideline value for Gems Park has seen significant changes over the years. In 2002, the value was Rs 366 per sq.ft, which increased to Rs 402 per sq.ft in 2003. Following this, the value rose dramatically to Rs 1,200 per sq.ft in 2007, marking a 199% increase. In 2012, the value was recorded at Rs 6,500 per sq.ft, which was a 442% increase from the previous revision. However, this value decreased by 33% to Rs 4,355 per sq.ft in 2017. The value then increased to Rs 6,500 per sq.ft in 2023, before reaching the current rate of Rs 7,100 per sq.ft in 2024, representing a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,840%. The register has no figures for the years not mentioned in the revisions, ensuring that the values provided are accurate and relevant.

Guideline values in Mugappair

Mugappair village features 224 streets under the Konnur SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 8,800 per sq.ft. The guideline value for Gems Park is equal to the median value of Rs 7,100 per sq.ft. Below are the guideline values for other streets in Mugappair:

• Gengaiamman Nagar: Rs 3,800 per sq.ft (2024)
• Golden Colony: Rs 7,100 per sq.ft (2024)
• Golden Flats: Rs 7,100 per sq.ft (2024)
• Golden George Nagar Ambika Street: Rs 7,100 per sq.ft (2024)
• Golden George Nagar Annexure: Rs 7,100 per sq.ft (2024)
• Golden George Nagar ChristhuvaAlayamStreet: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Gems Park

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, resulting in a total of Rs 6,39,000. 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 further calculations.

Which Sub Registrar Office covers Gems Park?

The Sub Registrar Office that covers Gems Park is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. To find more information, you can find your SRO.

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

The guideline value plays a crucial role during property registration in Mugappair. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must consider the guideline value to ensure compliance with the legal requirements during the transaction.

When registering a property, the guideline value is compared to the sale price. The higher of the two amounts is used to calculate the applicable stamp duty. This ensures that the government receives the appropriate revenue based on the property’s value, as reflected in the guideline value register.

Frequently asked questions

What is the current guideline value for Gems Park?

The current guideline value for Gems Park is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Gems Park has changed from Rs 366 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 1,840% over the years.

What are the stamp duty rates for property in Gems Park?

The stamp duty rate for property in Gems Park is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Which office handles property registrations in Gems Park?

The Konnur Sub Registrar Office handles property registrations for Gems Park, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the guideline value relevant when buying a property?

The guideline value is essential when buying a property as it determines the stamp duty and registration fees payable during the registration process. It ensures that the transaction complies with legal requirements and reflects the property's value accurately.