Guideline Value for Gandhi Nagar 2nd Street

Gandhi Nagar 2nd Street guideline value

The current guideline value of Gandhi Nagar 2nd 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 2nd Street has changed

The guideline value for Gandhi Nagar 2nd Street has undergone several revisions over the years. The 2002 revision set the value at Rs 472 per sq.ft, which increased to Rs 513 per sq.ft in 2003, marking a 9% rise. Following this, the value rose by 27% to Rs 650 per sq.ft in 2007. The 2012 revision brought the value back up to Rs 3,000 per sq.ft, reflecting a significant increase of 362%. However, this was followed by a decrease of 33% to Rs 2,010 per sq.ft in the 2017 revision. The value then increased by 49% to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

There are no figures available for revisions in years not mentioned in the given data. 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, indicating that the guideline value for Gandhi Nagar 2nd Street is below this median.

• Gandhi Nagar 2nd Cross 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 1st Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 1st Cross 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 2nd 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 duty is charged on the higher of the guideline value and the sale price. For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Nagar 2nd Street?

The Sub Registrar Office that covers Gandhi Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value helps in assessing the financial implications of the transaction. It ensures that the appropriate fees are calculated based on the higher of the guideline value or the sale price, safeguarding the interests of both parties involved in the transaction.

Frequently asked questions

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

The current guideline value of Gandhi Nagar 2nd 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 significantly over the years, increasing from Rs 472 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 599%.

What is the land classification for Gandhi Nagar 2nd Street?

Gandhi Nagar 2nd Street is classified as Residential Class II Type - II.

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

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Which office handles registrations for Gandhi Nagar 2nd Street?

The Virugambakkam Sub Registrar Office handles registrations for Gandhi Nagar 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.