Guideline Value for Gowri Nagar

Gowri Nagar guideline value

The current guideline value of Gowri Nagar, located in Mogalivakkam village under the Kunrathur SRO, is Rs 2,970 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Gowri Nagar has changed

Over the years, the guideline value for Gowri Nagar has seen significant changes. The 2007 revision recorded a guideline value of Rs 450 per sq.ft, which increased dramatically to Rs 2,700 per sq.ft in 2012, marking a 500% rise. However, this value decreased to Rs 1,809 per sq.ft in 2017, representing a decline of 33%. The value then rose to Rs 2,700 per sq.ft in 2023, before reaching the current figure of Rs 2,970 per sq.ft in 2024, a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has risen by 560%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Mogalivakkam

In Mogalivakkam, there are 98 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 2,530 to Rs 6,600 per sq.ft. The median value among these streets is Rs 2,970 per sq.ft, which is the same as the guideline value for Gowri Nagar.

• Gowri Nagar Extension: Rs 2,530 per sq.ft (2024)
• Guruswamy Nagar: Rs 3,520 per sq.ft (2024)
• Guruswamy Nagar Extension: Rs 3,520 per sq.ft (2024)
• Guruswamy Nagar Extension IV: Rs 3,520 per sq.ft (2024)
• H.T.L.Staff Colony: Rs 2,530 per sq.ft (2024)
• Jawaharlal Street: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Gowri Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total fees to Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gowri Nagar?

The Gowri Nagar area falls under the jurisdiction of the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For further details, you can find your SRO.

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

The guideline value is a crucial factor in the registration of property transactions in Mogalivakkam. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory for all property transactions. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value helps determine the minimum value at which the property can be registered. This ensures that the transaction is recorded accurately and that the appropriate taxes are paid to the government.

Frequently asked questions

What is the current guideline value of Gowri Nagar?

The current guideline value of Gowri Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, rising from Rs 450 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, which is an overall increase of 560%.

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

For a property valued at Rs 29,70,000, the stamp duty would be Rs 2,07,900 and the registration fee would be Rs 59,400, totaling Rs 2,67,300.

Which Sub Registrar Office covers Gowri Nagar?

The Kunrathur Sub Registrar Office covers Gowri Nagar, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum value for property registration, influencing the stamp duty and registration fees that must be paid during a transaction.