Guideline Value for Gomathi Nagar

Gomathi Nagar guideline value

The current guideline value of Gomathi Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 1,650 per sq.ft. This value is effective from the 2024 revision, which took place on 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Gomathi Nagar has changed

The guideline value for Gomathi Nagar has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 120 per sq.ft. This saw a significant increase to Rs 1,500 per sq.ft in the 2012 revision, followed by a decrease to Rs 1,005 per sq.ft in 2017. In 2023, the value rose to Rs 1,500 per sq.ft, and the latest revision in 2024 set it at Rs 1,650 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

Between the revisions, the changes were notable. From 2007 to 2012, there was an increase of 1,150%. However, from 2012 to 2017, the value decreased by 33%. The 2017 to 2023 revision saw an increase of 49%, and finally, from 2023 to 2024, there was a rise of 10%. Overall, from 2007 to 2024, the guideline value has increased by 1,275%.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the current guideline value for Gomathi Nagar. Below are the guideline values for other streets in Varadarajapuram:

• Gopal Nagar: Rs 1,320 per sq.ft (2024)
• Gogul Nagar: Rs 1,320 per sq.ft (2024)
• Girija Nagar: Rs 990 per sq.ft (2024)
• G.R.Nagar: Rs 1,650 per sq.ft (2024)
• GR Nagar Extn 1 to 6: Rs 1,650 per sq.ft (2024)
• Garden City Extension: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Gomathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total charges to 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gomathi Nagar?

The Sub Registrar Office that covers Gomathi Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Varadarajapuram. It serves as a benchmark for determining the stamp duty and registration fees when buying or selling property. Buyers must be aware that the guideline value will influence the overall cost of the transaction.

When registering a property, the buyer is required to pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Gomathi Nagar?

The current guideline value of Gomathi Nagar 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 significantly, starting from Rs 120 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 1,275%.

What are the guideline values of other streets in Varadarajapuram?

Other streets in Varadarajapuram have varying guideline values, with Gopal Nagar and Gogul Nagar at Rs 1,320 per sq.ft, Girija Nagar at Rs 990 per sq.ft, and G.R.Nagar and GR Nagar Extn 1 to 6 both at Rs 1,650 per sq.ft.

What are the stamp duty and registration fees for property in Gomathi Nagar?

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 office covers the registration for Gomathi Nagar?

The Padappai Sub Registrar Office covers the registration for Gomathi Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.