Guideline Value for GANDHI NAGAR 1ST STREET

Gandhi Nagar 1st Street guideline value

The current guideline value of Gandhi Nagar 1st Street is Rs 4,400 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 I Type - II.

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

The guideline value for Gandhi Nagar 1st Street has seen significant changes over the years. In 2002, the value was Rs 345 per sq.ft, which increased to Rs 386 per sq.ft in 2003. The value then rose dramatically to Rs 1,200 per sq.ft in 2007, followed by a further increase to Rs 4,000 per sq.ft in 2012. However, it decreased to Rs 2,680 per sq.ft in 2017. The value then increased to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft from the 2024 revision. The changes between the revisions include a 10% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 233% increase from 2007 to 2012, a 211% increase from 2003 to 2007, and a 12% increase from 2002 to 2003.

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 value for these streets is Rs 3,300 per sq.ft, placing the 2024 guideline value of Gandhi Nagar 1st Street above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, making the total cost for these fees Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Nagar 1st Street?

The Sub Registrar Office that covers Gandhi Nagar 1st 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 information.

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

The guideline value is a crucial factor when buying or selling property in Palavakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is in line with government regulations. Buyers and sellers must consider this value to ensure compliance with local laws during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This means that both the buyer and seller should be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

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

The current guideline value of Gandhi Nagar 1st Street is Rs 4,400 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 4,400 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification of Gandhi Nagar 1st Street?

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

What are the registration fees for properties in this area?

The registration fees are calculated based on the guideline value, with a stamp duty of 7% and a registration fee of 2% applicable.

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

The Neelankarai Sub Registrar Office covers Gandhi Nagar 1st Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.