Guideline Value for GANDHI NAGAR

Gandhi Nagar guideline value

The current guideline value of Gandhi Nagar, located in Padi village under the Villivakkam SRO, is Rs 5,400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Gandhi Nagar has changed

The guideline value for Gandhi Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 662 per sq.ft. This increased to Rs 745 per sq.ft in 2003, marking a 13% rise. The value then saw a 14% increase to Rs 850 per sq.ft in 2007. In the 2012 revision, the value jumped significantly to Rs 5,000 per sq.ft, reflecting a substantial 488% increase. However, the 2017 revision noted a decrease to Rs 3,350 per sq.ft, which was a drop of 33%. The guideline value rose again to Rs 5,000 per sq.ft in 2023, and finally reached Rs 5,400 per sq.ft in the 2024 revision, an increase of 8%.

Overall, from 2002 to 2024, the guideline value has increased by 716%. It is important to note that there are no figures available for the years not mentioned in the register for this street.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft, with a median value of Rs 3,800 per sq.ft. The guideline value of Gandhi Nagar is above this median.

• Gandhi Street: Rs 5,400 per sq.ft (2024)
• Five Star Appartments (Padikuppam Road): Rs 6,600 per sq.ft (2024)
• Emerald Flats (Estate Road, Mogappair Road): Rs 9,900 per sq.ft (2024)
• Geethanjali Flats (7th Avenue): Rs 13,100 per sq.ft (2024)
• Gem Flats (Mogappair Road): Rs 9,900 per sq.ft (2024)
• Elumalai Nagar: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 5,400 per sq.ft, the total guideline value would be Rs 54,00,000. The stamp duty at 7% would be Rs 3,78,000, and the registration fee at 2% would be Rs 1,08,000, totaling Rs 4,86,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Nagar?

The Sub Registrar Office that covers Gandhi Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for further assistance.

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

The guideline value is a critical factor in the registration process when buying or selling property in Padi. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair value as per government regulations.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers must ensure that they are aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Gandhi Nagar?

The current guideline value of Gandhi Nagar is Rs 5,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 662 per sq.ft to Rs 5,400 per sq.ft in 2024, reflecting an overall increase of 716%.

What is the land classification for Gandhi Nagar?

The land classification for Gandhi Nagar is Residential Class III Type - I.

What is the stamp duty for property in Gandhi Nagar?

The stamp duty for property in Gandhi Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Gandhi Nagar located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.