Guideline Value for Gandhi Nagar 3rd Street

Gandhi Nagar 3rd Street guideline value

The current guideline value of Gandhi Nagar 3rd 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 3rd Street has changed

The guideline value for Gandhi Nagar 3rd Street has undergone 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, marking a 9% rise. The value further rose to Rs 650 per sq.ft in 2007, which was a 27% increase. In 2012, the value jumped significantly to Rs 3,000 per sq.ft, reflecting a 362% increase. However, it then decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, representing a 64% increase from the 2017 figure.

It is important to note that there is no figure available for the 2023 revision for this street. 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 that carry 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 3rd Street below the median.

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

Stamp duty and registration fee for property in Gandhi Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Nagar 3rd Street?

The Sub Registrar Office that covers Gandhi Nagar 3rd 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 critical factor when buying or selling property in Valasaravakkam. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that the guideline value can influence the total cost of property transactions.

When registering a property, the guideline value serves as a benchmark for assessing the transaction's value. This ensures that the government receives appropriate revenue from property sales, regardless of the actual sale price.

Frequently asked questions

What is the current guideline value of Gandhi Nagar 3rd Street?

The current guideline value of Gandhi Nagar 3rd 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, starting 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 median guideline value in Valasaravakkam?

The median guideline value in Valasaravakkam is Rs 3,850 per sq.ft, which is above the current value of Gandhi Nagar 3rd Street.

What are the stamp duty and registration fees for property in Gandhi Nagar 3rd Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, these fees total Rs 2,97,000 based on the current guideline value.

Where is the Sub Registrar Office for Gandhi Nagar 3rd Street located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.