Guideline Value for Gulam Abbas Alikhan 5th Street

Gulam Abbas Alikhan 5th Street guideline value

The current guideline value of Gulam Abbas Alikhan 5th 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 street is Residential Special Type - II.

How the guideline value of Gulam Abbas Alikhan 5th Street has changed

The guideline value for Gulam Abbas Alikhan 5th Street has seen several revisions over the years. In the 2007 revision, the value was Rs 2,000 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012, marking a 300% rise. However, the value saw a decline to Rs 5,360 per sq.ft in the 2017 revision, a decrease of 33%. The 2023 revision set the value at Rs 8,000 per sq.ft, which was then raised to Rs 8,800 per sq.ft in 2024, reflecting a 10% increase.

From the 2017 revision to 2023, there was a notable increase of 49%. Overall, from 2007 to 2024, the guideline value has increased by 340%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 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 is Rs 8,800 per sq.ft, which is equal to the 2024 figure for Gulam Abbas Alikhan 5th Street.

• Gulam Abbas Alikhan 4th Street: Rs 8,800 per sq.ft (2024)
• Gulam Abbas Alikhan 6th Street: Rs 8,800 per sq.ft (2024)
• Gulam Abbas Alikhan 3rd Street: Rs 8,800 per sq.ft (2024)
• Gulam Abbas Alikhan 7th Street: Rs 8,800 per sq.ft (2024)
• Gulam Abbas Alikhan 2nd Street: Rs 8,800 per sq.ft (2024)
• Gulam Abbas Alikhan 8th Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Gulam Abbas Alikhan 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, making the total cost for these fees Rs 7,92,000. 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 further calculations.

Which Sub Registrar Office covers Gulam Abbas Alikhan 5th Street?

The Sub Registrar Office that covers Gulam Abbas Alikhan 5th Street is 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 plays a crucial role in property transactions in Nungambakkam. It is used to determine the stamp duty and registration fees that are applicable during the registration of a property. Buyers must be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

When selling a property, the guideline value ensures that the transaction is recorded at a fair value as per the government norms. This helps in maintaining transparency and accountability in property dealings, ensuring that all transactions comply with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Gulam Abbas Alikhan 5th Street?

The current guideline value of Gulam Abbas Alikhan 5th 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 from Rs 2,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 340%. There were several revisions in between, with notable changes in 2012 and 2017.

What is the land classification for Gulam Abbas Alikhan 5th Street?

The land classification for Gulam Abbas Alikhan 5th Street is Residential Special Type - II.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Gulam Abbas Alikhan 5th Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property valued at Rs 88,00,000 would incur a stamp duty of Rs 6,16,000 and a registration fee of Rs 1,76,000.