Guideline Value for GANDHI NAGAR 1ST CROSS STREET

Gandhi Nagar 1st Cross Street guideline value

The current guideline value of Gandhi Nagar 1st Cross Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Gandhi Nagar 1st Cross Street has changed

The guideline value for Gandhi Nagar 1st Cross Street has undergone several revisions over the years. In 2002, the guideline value was Rs 345 per sq.ft, which increased to Rs 386 per sq.ft in 2003, marking a 12% rise. The value saw a significant jump to Rs 1,200 per sq.ft in 2007, representing a 211% increase. However, it decreased to Rs 1,500 per sq.ft in 2012, reflecting a 33% decline. The value then rose again to Rs 1,005 per sq.ft in 2017, followed by a substantial increase to Rs 1,500 per sq.ft in 2023, and finally reaching Rs 1,700 per sq.ft in 2024, which is a 13% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 393%. The register has no figures for the years not mentioned in this overview.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, positioning Gandhi Nagar 1st Cross Street's 2024 figure below that median.

• Gandhi Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar 2nd Cross Street: Rs 1,700 per sq.ft (2024)
• Gandhi Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar 3rd Cross Street: Rs 1,700 per sq.ft (2024)
• Gandhi Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar 4th Cross Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, while the registration fee at 2% would be Rs 34,000. Together, the total cost for these fees would be Rs 1,53,000. 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 Nagar 1st Cross Street?

The Sub Registrar Office that covers Gandhi Nagar 1st Cross Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value serves as a benchmark for property transactions in Palavakkam. It is utilized to determine the stamp duty and registration fees that need to be paid during the sale or purchase of property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value is used to calculate the applicable fees, which can significantly impact the overall cost of the transaction. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Gandhi Nagar 1st Cross Street?

The current guideline value of Gandhi Nagar 1st Cross Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 345 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 393% over this period.

What is the land classification for Gandhi Nagar 1st Cross Street?

Gandhi Nagar 1st Cross Street is classified as Residential Class IV Type - II.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Where is the Sub Registrar Office for Gandhi Nagar 1st Cross Street located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.