Guideline Value for Gurusev Street (S.M.Block)

Gurusev Street (S.M.Block) guideline value

The current guideline value of Gurusev Street (S.M.Block) is Rs 4,100 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Gurusev Street (S.M.Block) has changed

Over the years, the guideline value of Gurusev Street (S.M.Block) has seen several revisions. The 2012 revision set the value at Rs 3,750 per sq.ft, which was then reduced to Rs 2,512 per sq.ft in the 2017 revision. However, the 2023 revision increased the value to Rs 3,750 per sq.ft, followed by a significant rise to Rs 4,100 per sq.ft in the 2024 revision, marking a 9% increase from the previous year.

From the 2017 revision to the 2023 revision, the value increased by 49%. Overall, comparing the figures from 2012 to 2024, there has been a 9% increase. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, and Gurusev Street (S.M.Block) is currently below that median.

• Gundalakesi Street: Rs 3,300 per sq.ft (2024)
• Guindy Rathinam Street: Rs 4,100 per sq.ft (2024)
• Govindhachari Salai: Rs 3,300 per sq.ft (2024)
• Govindasamy Street (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)
• Govindasamy Street (JPT): Rs 4,900 per sq.ft (2024)
• Housing Board (Ashok Nagar) Block 53: Rs 4,100 per sq.ft (2024)

Stamp duty and registration fee for property in Gurusev Street (S.M.Block)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,100 per sq.ft, the total guideline value amounts to Rs 41,00,000. The stamp duty is calculated at 7%, which comes to Rs 2,87,000, and the registration fee is charged at 2%, amounting to Rs 82,000. Together, the total cost for these fees is Rs 3,69,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Gurusev Street (S.M.Block)?

The Sub Registrar Office that covers Gurusev Street (S.M.Block) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Kodambakkam. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees. Buyers must be aware that these fees are based on the higher of the guideline value or the sale price of the property.

When a property is sold, the guideline value helps in ensuring transparency in the transaction process. It serves as a benchmark for both buyers and sellers, providing a clear understanding of the value of the property being exchanged. This systematic approach helps in maintaining consistency in property transactions across the region.

Frequently asked questions

What is the current guideline value of Gurusev Street (S.M.Block)?

The current guideline value of Gurusev Street (S.M.Block) is Rs 4,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,750 per sq.ft in 2012 to Rs 2,512 per sq.ft in 2017, then back to Rs 3,750 per sq.ft in 2023, and finally to Rs 4,100 per sq.ft in 2024.

What is the land classification for Gurusev Street (S.M.Block)?

The land classification for Gurusev Street (S.M.Block) is Residential Class IV Type - I.

Where is the Ashok Nagar Sub Registrar Office located?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for properties in Gurusev Street (S.M.Block)?

The stamp duty for properties in Gurusev Street (S.M.Block) is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee charged at 2% of the guideline value.