Guideline Value for GANDHI 2ND CROSS STREET

Gandhi 2nd Cross Street guideline value

The current guideline value of Gandhi 2nd Cross Street is Rs 1,540 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Gandhi 2nd Cross Street has changed

The guideline value for Gandhi 2nd Cross Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 1,540 per sq.ft, which is a 10% increase from the 2023 revision of Rs 1,400 per sq.ft. Prior to that, the 2017 revision recorded a value of Rs 938 per sq.ft, marking a significant 49% increase to the 2023 figure. The 2012 revision also noted a value of Rs 1,400 per sq.ft, which reflects a decrease of 33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. This lack of data means we cannot assess any changes during those years.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Gandhi 2nd Cross Street is below this median.

• Gandhi 1st Cross Street: Rs 1,540 per sq.ft (2024)
• Gandhi Main Road: Rs 1,540 per sq.ft (2024)
• Ganapathy Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Ganapathy Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Friends Avenue: Rs 2,750 per sq.ft (2024)
• Farm Township: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,540 per sq.ft, the total guideline value amounts to Rs 15,40,000. The stamp duty is calculated at 7%, which equals Rs 1,07,800, and the registration fee at 2% amounts to Rs 30,800. Together, the total cost for stamp duty and registration fee would be Rs 1,38,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Gandhi 2nd Cross Street?

The Sub Registrar Office that covers Gandhi 2nd Cross Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both buyers and sellers, as it directly impacts the overall cost of the property transaction. It is advisable to consult the latest guideline values before proceeding with any property dealings to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Gandhi 2nd Cross Street?

The current guideline value of Gandhi 2nd Cross Street is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Gandhi 2nd Cross Street has changed from Rs 1,400 per sq.ft in 2023 to Rs 1,540 per sq.ft in 2024, reflecting a 10% increase. The value was Rs 938 per sq.ft in 2017 and Rs 1,400 per sq.ft in 2012, showing a significant increase and decrease in the intervening years.

What is the land classification for Gandhi 2nd Cross Street?

The land classification for Gandhi 2nd Cross Street is Residential Class IV Type - I. This classification indicates the type of development permitted in the area.

Where can I find the registration office for Gandhi 2nd Cross Street?

The registration office for Gandhi 2nd Cross Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Gandhi 2nd Cross Street?

Stamp duty for properties in Gandhi 2nd Cross Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a plot of 1,000 sq.ft, the total guideline value would be Rs 15,40,000, leading to a stamp duty of Rs 1,07,800.