Guideline Value for Gandhi Nagar (Ernavoor)

Gandhi Nagar (Ernavoor) guideline value

The current guideline value of Gandhi Nagar (Ernavoor) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Ernavur village and falls under the Thiruvottiyur SRO, classified as Residential Class I Type - II.

How the guideline value of Gandhi Nagar (Ernavoor) has changed

The guideline value for Gandhi Nagar (Ernavoor) has seen several revisions over the years. Starting from Rs 208 per sq.ft in 2003, it increased to Rs 350 per sq.ft in 2007. The value then rose significantly to Rs 1,500 per sq.ft in 2012, but saw a decrease to Rs 1,005 per sq.ft in 2017. The 2023 revision brought it back up to Rs 1,500 per sq.ft, and the latest revision in 2024 set it at Rs 1,600 per sq.ft. The register has no figure for this street in 2002.

In terms of percentage changes, from 2003 to 2007, the guideline value increased by 68%. However, between 2012 and 2017, it decreased by 33%. The value surged by 49% from 2017 to 2023, and from 2023 to 2024, it increased by 7%. Overall, from 2003 to 2024, there has been a remarkable increase of 669% in the guideline value.

Guideline values in Ernavur

Ernavur consists of 82 streets under the Thiruvottiyur SRO, with the 2024 guideline values ranging from Rs 1,000 to Rs 7,300 per sq.ft. The median value is Rs 1,600 per sq.ft, which is equal to the current guideline value of Gandhi Nagar (Ernavoor).

• Gandhi Nagar (Wimco): Rs 1,600 per sq.ft (2024)
• Girija Nagar: Rs 1,400 per sq.ft (2024)
• Girija Nagar Extension: Rs 1,400 per sq.ft (2024)
• Erneeswaran Koil Street: Rs 1,400 per sq.ft (2024)
• Ernavoor Pattai: Rs 1,400 per sq.ft (2024)
• Ernavoor Kuppam: Rs 1,400 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar (Ernavoor)

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Nagar (Ernavoor)?

The Sub Registrar Office that covers Gandhi Nagar (Ernavoor) is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Ernavur. It is used to determine the stamp duty and registration fees that buyers and sellers must pay during the registration process.

When you buy or sell property, the guideline value helps in establishing a baseline for the transaction value. It ensures that the government receives the appropriate revenue from property transactions, reflecting the current market conditions as per the revisions made over the years.

Frequently asked questions

What is the current guideline value for Gandhi Nagar (Ernavoor)?

The current guideline value for Gandhi Nagar (Ernavoor) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 208 per sq.ft in 2003 to Rs 1,600 per sq.ft in 2024, with various revisions in between, including a decrease in 2017.

What is the registration fee for property in Gandhi Nagar (Ernavoor)?

The registration fee for property in Gandhi Nagar is calculated based on the guideline value. For example, for a plot valued at Rs 16,00,000, the registration fee would be Rs 32,000 at 2%.

Which office handles property registrations in Gandhi Nagar (Ernavoor)?

The Thiruvottiyur Sub Registrar Office handles property registrations in Gandhi Nagar (Ernavoor), located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the stamp duty and registration fees during property transactions. It reflects the value set by the government for taxation purposes, ensuring that the correct fees are paid based on the property value.