Guideline Value for Gandhi Nagar - Maruthi Street

Gandhi Nagar - Maruthi Street guideline value

The current guideline value of Gandhi Nagar - Maruthi 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, classified as Residential Class II Type - I.

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

The guideline value for Gandhi Nagar - Maruthi Street has undergone several revisions over the years. In 2002, the guideline value was Rs 475 per sq.ft, which increased to Rs 519 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,250 per sq.ft in 2007, and then it jumped to Rs 4,000 per sq.ft in 2012. However, there was a decrease to Rs 2,680 per sq.ft in 2017. The value then increased to Rs 4,000 per sq.ft in 2023, before reaching the current value of Rs 4,400 per sq.ft in 2024.

The changes between these revisions are notable. From 2002 to 2003, the increase was +9%. The jump from 2003 to 2007 saw a rise of +141%. The value surged by +220% from 2007 to 2012, followed by a decrease of -33% from 2012 to 2017. The value then increased 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 +826%.

Guideline values in Saligramam

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

• Gandhi Nagar - Periyar Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Pillayar Koil Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Kaveri Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Kamarajar Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Rajaji Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Sathyamoorthy Street: Rs 4,400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Nagar - Maruthi Street?

The Sub Registrar Office that covers Gandhi Nagar - Maruthi 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 details.

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 benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements.

When a property transaction occurs, the guideline value helps in assessing the minimum value at which the property can be registered. This ensures that the government receives the appropriate revenue from property transactions, and it is essential for buyers to consider this value when negotiating the sale price.

Frequently asked questions

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

The current guideline value of Gandhi Nagar - Maruthi 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 from Rs 475 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of +826% over this period.

What is the registration office for Gandhi Nagar - Maruthi Street?

The registration office for Gandhi Nagar - Maruthi Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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

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. These fees are calculated based on the guideline value or the sale price, whichever is higher.

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

Gandhi Nagar - Maruthi Street is classified as Residential Class II Type - I, which is relevant for determining the applicable guideline value.