Guideline Value for Gandhi Nagar 1st Street

Gandhi Nagar 1st Street guideline value

The current guideline value of Gandhi Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - II.

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

The guideline value for Gandhi Nagar 1st Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 472 per sq.ft. This increased to Rs 513 per sq.ft in 2003, followed by a rise to Rs 650 per sq.ft in 2007. The 2012 revision saw a significant jump to Rs 3,000 per sq.ft, but this was followed by a decrease to Rs 2,010 per sq.ft in 2017. The value then increased again to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft as per the 2024 revision.

In terms of percentage changes, from 2002 to 2003, the increase was +9%. The rise from 2003 to 2007 was +27%, and from 2007 to 2012, there was a substantial increase of +362%. However, the value decreased by -33% from 2012 to 2017. The value then rose by +49% from 2017 to 2023, and finally, there was a +10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +599%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, making the guideline value of Gandhi Nagar 1st Street below this median.

• Gandhi Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 4th Cross Street: Rs 3,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 detailed calculations.

Which Sub Registrar Office covers Gandhi Nagar 1st Street?

The Sub Registrar Office that covers Gandhi Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared with the sale price. The stamp duty and registration fees are calculated based on the higher of the two values, ensuring that the government receives the appropriate revenue from the transaction.

Frequently asked questions

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

The current guideline value of Gandhi Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 472 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of +599% over the years.

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

Gandhi Nagar 1st Street is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for this area?

The Virugambakkam Sub Registrar Office covers Gandhi Nagar 1st Street and is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How do I calculate stamp duty and registration fees?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. You can use the stamp duty and registration fee calculator for precise calculations.