Guideline Value for Gandhi 1st Street (Vivekananda Nagar)

Gandhi 1st Street (Vivekananda Nagar) guideline value

The current guideline value of Gandhi 1st Street (Vivekananda Nagar) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, classified as Residential Class I Type - I.

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

The guideline value for Gandhi 1st Street (Vivekananda Nagar) has seen several revisions over the years. In 2012, the guideline value was set at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. The most recent revision in 2024 has increased the value to Rs 2,700 per sq.ft, marking a significant rise of 61% from the 2017 figure. Overall, from 2012 to 2024, there has been a slight increase of 8%.

It is important to note that there are no figures available for the years 2023, 2007, 2003, and 2002 for this street. The 2012 revision indicated a decrease of 33% from the 2017 revision, illustrating the fluctuations in guideline values over time.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for the area is Rs 2,700 per sq.ft, which is equal to the current guideline value of Gandhi 1st Street (Vivekananda Nagar).

• Gandhi 2nd Street (Vivekananda Nagar): Rs 2,700 per sq.ft (2024)
• Ganapathy Street Extension: Rs 2,200 per sq.ft (2024)
• Ganapathy Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 1st Main Road (Koyyathoppu): Rs 2,700 per sq.ft (2024)
• Gandhi Nagar 1st Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi 1st Street (Vivekananda Nagar)

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 more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi 1st Street (Vivekananda Nagar)?

The Sub Registrar Office that covers Gandhi 1st Street (Vivekananda Nagar) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in property transactions in Kodungaiyur. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid at the time of registration. This ensures that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value as it directly affects the overall cost of the transaction. Understanding these values can help in making informed decisions during property dealings.

Frequently asked questions

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

The current guideline value of Gandhi 1st Street (Vivekananda Nagar) 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 2012 to Rs 1,675 per sq.ft in 2017, and then increased to Rs 2,700 per sq.ft in 2024. There are no figures available for the years 2023, 2007, 2003, and 2002 for this street.

What is the land classification for Gandhi 1st Street (Vivekananda Nagar)?

Gandhi 1st Street (Vivekananda Nagar) is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a property valued at Rs 27,00,000 would incur a total fee of Rs 2,43,000.

Where can I find the Sub Registrar Office for Gandhi 1st Street (Vivekananda Nagar)?

The Madhavaram Sub Registrar Office covers Gandhi 1st Street (Vivekananda Nagar) and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO through the provided link.