Guideline Value for Good Will Nagar

Good Will Nagar guideline value

The current guideline value of Good Will Nagar is Rs 2,310 per sq.ft, effective from 1 July 2024. This area is located in Perungalathur village, under the Padappai Sub Registrar Office (SRO). The land classification for this locality is Residential Class II Type - I.

How the guideline value of Good Will Nagar has changed

The guideline value for Good Will Nagar has seen several revisions over the years. In the 2007 revision, the value was Rs 250 per sq.ft, which increased significantly to Rs 2,100 per sq.ft in the 2012 revision. However, this figure dropped to Rs 1,407 per sq.ft in the 2017 revision. The 2023 revision raised it to Rs 2,100 per sq.ft, and the current 2024 revision has set it at Rs 2,310 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

In terms of percentage changes, the value increased by 740% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then rose by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 824%.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO, with guideline values ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,310 per sq.ft, which is the same as the current value for Good Will Nagar.

• Good Will Nagar Extension: Rs 2,310 per sq.ft (2024)
• Gopal Nagar: Rs 2,970 per sq.ft (2024)
• Gokulam Apartments: Rs 2,310 per sq.ft (2024)
• George Theru: Rs 1,980 per sq.ft (2024)
• Harijon's Colony: Rs 1,650 per sq.ft (2024)
• Haritha Enclave (M.S.): Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Good Will Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,310 per sq.ft, the total guideline value would be Rs 23,10,000. The stamp duty at 7% would amount to Rs 1,61,700, while the registration fee at 2% would be Rs 46,200. Together, the total cost would be Rs 2,07,900. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Good Will Nagar?

Good Will Nagar falls under 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 Perungalathur

The guideline value is a crucial factor during property registration in Perungalathur. It serves as a benchmark to calculate the stamp duty and registration fees that are payable when a property is bought or sold. This value helps ensure that the government receives the appropriate revenue from property transactions.

When a buyer or seller engages in a transaction, the guideline value is compared with the sale price of the property. The higher of the two values is used to calculate the applicable duties and fees, ensuring compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Good Will Nagar?

The current guideline value of Good Will Nagar is Rs 2,310 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 250 per sq.ft in 2007 to Rs 2,310 per sq.ft in 2024, reflecting an overall increase of 824% since 2007.

What is the land classification for Good Will Nagar?

Good Will Nagar is classified as Residential Class II Type - I, indicating its designation for residential purposes.

Where can I find the Padappai Sub Registrar Office?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated in Good Will Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,61,700.