Guideline Value for GANDHI NAGAR EXTENSION

Gandhi Nagar Extension guideline value

The current guideline value of Gandhi Nagar Extension is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Vengaivasal village under the Selaiyur SRO, classified as Mixed Type - II land.

How the guideline value of Gandhi Nagar Extension has changed

The guideline value for Gandhi Nagar Extension has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,700 per sq.ft, an increase from Rs 2,500 per sq.ft in 2023, marking an 8% rise. Prior to that, in 2017, the value was Rs 1,675 per sq.ft, which indicates a significant increase of 49% when compared to the 2023 figure. The register does not provide figures for the revisions in 2002, 2003, and 2007.

In 2012, the guideline value was Rs 2,500 per sq.ft, which was a decrease of 33% from the 2017 value. Overall, from 2012 to 2024, the guideline value has increased by 8%, reflecting the changes in the local real estate landscape.

Guideline values in Vengaivasal

In Vengaivasal, there are 117 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value for Gandhi Nagar Extension matches this median.

• Gandhi Nagar: Rs 2,700 per sq.ft (2024)
• Gandhi Street: Rs 3,300 per sq.ft (2024)
• Gangai Amman Koil Street: Rs 2,700 per sq.ft (2024)
• Garden Homes: Rs 2,700 per sq.ft (2024)
• Gayathri Nagar: Rs 3,300 per sq.ft (2024)
• G.D Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Nagar Extension?

The Sub Registrar Office that covers Gandhi Nagar Extension is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Vengaivasal

The guideline value is a critical factor in property transactions in Vengaivasal, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Gandhi Nagar Extension?

The current guideline value for Gandhi Nagar Extension is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024. It was previously Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012.

What is the land classification for Gandhi Nagar Extension?

Gandhi Nagar Extension is classified as Mixed Type - II land, which indicates the nature of development permissible in the area.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000 and a registration fee of Rs 54,000.