Guideline Value for Gandhi Nagar - Gangappa Street

Gandhi Nagar - Gangappa Street guideline value

The current guideline value of Gandhi Nagar - Gangappa Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Gandhi Nagar - Gangappa Street has changed

The guideline value for Gandhi Nagar - Gangappa Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 592 per sq.ft. In 2003, it increased to Rs 647 per sq.ft, marking a 9% rise. The value saw a significant jump in 2007 to Rs 1,250 per sq.ft, representing a 93% increase. By 2012, the value rose to Rs 4,000 per sq.ft, a notable increase of 220% from the previous revision. However, in 2017, it decreased to Rs 2,680 per sq.ft, reflecting a 33% decline. The guideline value then increased to Rs 4,000 per sq.ft in 2023, followed by the current value of Rs 4,400 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 643%. There are no figures available for the revisions in years not listed in the register.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value figure, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Gandhi Nagar - Gangappa Street.

• Gandhi Nagar - Gangadharan Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Kamarajar Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Kaveri Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Elango Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Bharathi Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Maruthi Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar - Gangappa Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost together to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Nagar - Gangappa Street?

The Sub Registrar Office that covers Gandhi Nagar - Gangappa 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 Saligramam

The guideline value is a crucial factor when buying or selling property in Saligramam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Gandhi Nagar - Gangappa Street?

The current guideline value of Gandhi Nagar - Gangappa Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 592 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 643% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers this street?

The Virugambakkam Sub Registrar Office covers Gandhi Nagar - Gangappa Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Gandhi Nagar - Gangappa Street?

The land classification for Gandhi Nagar - Gangappa Street is Residential Class II Type - I.