Guideline Value for GANDHI NAGAR 2ND STREET

Gandhi Nagar 2nd Street guideline value

The current guideline value of Gandhi Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO, classified as Residential Class I Type - II.

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

The guideline value for Gandhi Nagar 2nd Street has undergone several revisions over the years. Starting from the 2003 revision, the value was Rs 386 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in 2007, marking a change of +211%. In 2012, the value adjusted to Rs 4,000 per sq.ft, reflecting a substantial increase of +233%. However, in 2017, the value decreased to Rs 2,680 per sq.ft, a drop of -33%. The 2023 revision saw an increase to Rs 4,000 per sq.ft, and the most recent 2024 revision set the value at Rs 4,400 per sq.ft, a rise of +10%.

It is important to note that the register has no figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by +1040%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Gandhi Nagar 2nd Street is above this median.

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

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

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value totals Rs 44,00,000. The stamp duty at 7% amounts to Rs 3,08,000, and the registration fee at 2% is Rs 88,000, together totaling Rs 3,96,000. 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 2nd Street?

The Gandhi Nagar 2nd Street is covered by 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 during the registration of property transactions in Palavakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for calculating the applicable stamp duty and registration fees. This ensures that all transactions are conducted transparently and fairly, based on the established values set by the registration department.

Frequently asked questions

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

The current guideline value of Gandhi Nagar 2nd 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 significantly from Rs 386 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of +1040% over the years.

What is the stamp duty rate for properties in Gandhi Nagar 2nd Street?

The stamp duty rate for properties in Gandhi Nagar 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

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

What are the guideline values of other streets in Palavakkam?

Other streets in Palavakkam have varying guideline values, with rates ranging from Rs 1,700 to Rs 4,400 per sq.ft for the year 2024, reflecting the diverse property landscape in the area.