Guideline Value for GANDHI NAGAR 1ST STREET (WARD -3)

Gandhi Nagar 1st Street (Ward -3) guideline value

The current guideline value of Gandhi Nagar 1st Street (Ward -3) is Rs 990 per sq.ft, effective from 1 July 2024. This street is located in Peramanoor village and falls under the Chengleput Joint II SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Gandhi Nagar 1st Street (Ward -3) has changed

The guideline value for Gandhi Nagar 1st Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 900 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 603 per sq.ft, marking a decline of 33%. However, the value rebounded significantly in the 2023 revision to Rs 900 per sq.ft, before increasing again to Rs 990 per sq.ft in the 2024 revision, reflecting a 10% rise from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Peramanoor

In Peramanoor, there are a total of 430 streets under the Chengleput Joint II SRO with a guideline value for 2024 ranging from Rs 550 to Rs 2,200 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, positioning Gandhi Nagar 1st Street's 2024 figure below this median.

• Gandhi Nagar 2nd Street (Ward -3): Rs 990 per sq.ft (2024)
• Gandhi Nagar 3rd Street (Ward -3): Rs 990 per sq.ft (2024)
• Gandhi Nagar 4th Street (Ward -3): Rs 990 per sq.ft (2024)
• Ganapathy Syndicate(Pa): Rs 550 per sq.ft (2024)
• Gandhi Nagar 5th Street (Ward -3): Rs 990 per sq.ft (2024)
• Gandhi Nagar 6th Street (Ward -3): Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar 1st Street (Ward -3)

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value would amount to Rs 9,90,000. The stamp duty, charged at 7%, would be Rs 69,300, while the registration fee at 2% would be Rs 19,800. Together, these costs would total Rs 89,100. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Nagar 1st Street (Ward -3)?

The Sub Registrar Office that covers Gandhi Nagar 1st Street (Ward -3) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling properties in Peramanoor. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately for taxation purposes.

When a property is sold, the guideline value will influence the stamp duty and registration fees that must be paid. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gandhi Nagar 1st Street (Ward -3)?

The current guideline value of Gandhi Nagar 1st Street (Ward -3) is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent being Rs 990 per sq.ft in 2024. The value increased from Rs 900 per sq.ft in 2023, which was a rise of 10%. Overall, from 2012 to 2024, the value increased by 10%.

What is the land classification for Gandhi Nagar 1st Street (Ward -3)?

The land classification for Gandhi Nagar 1st Street (Ward -3) is Residential Class I Type - II, indicating its suitability for residential development.

Where is the Sub Registrar Office for this area located?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. This office handles registrations for properties in Gandhi Nagar 1st Street (Ward -3).

How is stamp duty calculated for properties in Gandhi Nagar 1st Street (Ward -3)?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 69,300, along with a registration fee of Rs 19,800.