Guideline Value for GANDHI NAGAR 2ND CROSS STREET

Gandhi Nagar 2nd Cross Street guideline value

The current guideline value of Gandhi Nagar 2nd 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 the land classification is Residential Class IV Type - II.

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

Over the years, the guideline value of Gandhi Nagar 2nd Cross Street has seen several revisions. The earliest recorded figure is Rs 345 per sq.ft in 2002, which increased to Rs 386 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,200 per sq.ft in 2007, and it further increased to Rs 1,500 per sq.ft in 2012. However, the value decreased to Rs 1,005 per sq.ft in 2017. The guideline value then rose to Rs 1,500 per sq.ft in 2023, before reaching the current figure of Rs 1,700 per sq.ft in 2024.

The changes between these revisions are notable. From 2017 to 2023, there was a 49% increase, and from 2023 to 2024, the increase was 13%. The period from 2012 to 2017 saw a decrease of 33%, while from 2007 to 2012, there was a 25% increase. The value experienced a substantial rise of 211% from 2003 to 2007, and from 2002 to 2003, it increased by 12%. Overall, from 2002 to 2024, the guideline value has increased by 393%.

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. The median guideline value in this area is Rs 3,300 per sq.ft, placing the 2024 figure of Gandhi Nagar 2nd Cross Street below this median.

• Gandhi Nagar 1st Street: Rs 4,400 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 1st 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 2nd 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 amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, resulting in a total of 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.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Gandhi Nagar 2nd Cross Street?

The Sub Registrar Office that covers Gandhi Nagar 2nd 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. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Palavakkam. When a buyer purchases property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

It is essential for buyers and sellers to be aware of the current guideline value as it directly impacts the financial obligations during the registration process. Understanding the guideline value helps in making informed decisions during property transactions.

Frequently asked questions

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

The current guideline value of Gandhi Nagar 2nd 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 multiple times, starting from Rs 345 per sq.ft in 2002 to the current Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 393% since 2002.

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 is Rs 1,19,000, and the registration fee is Rs 34,000, totaling Rs 1,53,000.

Which office handles property registrations in Gandhi Nagar 2nd Cross Street?

The Neelankarai Sub Registrar Office handles property registrations for Gandhi Nagar 2nd Cross Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How does the guideline value affect property transactions?

The guideline value determines the stamp duty and registration fees during property transactions. Buyers and sellers must consider the guideline value to ensure compliance with local regulations and understand their financial obligations.