Guideline Value for Gulam Abbas Alikhan 1st Street

Gulam Abbas Alikhan 1st Street guideline value

The current guideline value for Gulam Abbas Alikhan 1st Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Gulam Abbas Alikhan 1st Street has changed

Over the years, the guideline value of Gulam Abbas Alikhan 1st Street has seen significant fluctuations. The 2007 revision set the value at Rs 2,000 per sq.ft, which increased dramatically to Rs 8,000 per sq.ft in the 2012 revision, marking a 300% rise. However, in the 2017 revision, the value dropped to Rs 5,360 per sq.ft, reflecting a decrease of 33%. Following this, the 2023 revision saw a substantial increase to Rs 8,000 per sq.ft, and the most recent 2024 revision has further increased it to Rs 8,800 per sq.ft, a rise of 10% from the previous year.

When looking at the overall changes from 2007 to 2024, the guideline value has increased by 340%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, which is equal to the current value of Gulam Abbas Alikhan 1st Street.

• Gulam Abbas Alikhan 10th Street: Rs 8,800 per sq.ft (2024)
• Gulam Abbas Alikhan 2nd Street: Rs 8,800 per sq.ft (2024)
• Gulam Abbas Alikhan 3rd Street: Rs 8,800 per sq.ft (2024)
• Gulam Abbas Alikhan 4th Street: Rs 8,800 per sq.ft (2024)
• Gulam Abbas Alikhan 5th Street: Rs 8,800 per sq.ft (2024)
• Gulam Abbas Alikhan 6th Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Gulam Abbas Alikhan 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gulam Abbas Alikhan 1st Street?

The Gulam Abbas Alikhan 1st Street falls under the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government collects appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the statutory valuation of the property, which is essential for legal and financial documentation. It is important to be aware of the current guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Gulam Abbas Alikhan 1st Street?

The current guideline value of Gulam Abbas Alikhan 1st Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 2,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 340% over the years.

What is the land classification for Gulam Abbas Alikhan 1st Street?

The land classification for Gulam Abbas Alikhan 1st Street is Residential Special Type - II, indicating its suitability for residential development.

Where is the Sub Registrar Office for this street located?

The Sub Registrar Office covering Gulam Abbas Alikhan 1st Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value. For example, for a property valued at Rs 88,00,000, the total fees would amount to Rs 7,92,000.