Guideline Value for Gandhi Nagar - Singaravelar Street

Gandhi Nagar - Singaravelar Street guideline value

The current guideline value for Gandhi Nagar - Singaravelar 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 - Singaravelar Street has changed

The guideline value for Gandhi Nagar - Singaravelar Street has undergone several revisions over the years. In 2002, the guideline value was Rs 581 per sq.ft. This increased to Rs 635 per sq.ft in 2003, marking a 9% rise. Following this, the value saw a significant increase to Rs 1,250 per sq.ft in 2007, which was a 97% change. The value further jumped to Rs 4,000 per sq.ft in 2012, reflecting a 220% increase. However, in 2017, the value decreased to Rs 2,680 per sq.ft, showing a decline of 33%. The guideline value then rose to Rs 4,000 per sq.ft in 2023, before reaching 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 657%. The register has no figures for the years not mentioned in the revisions above.

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 value is Rs 4,400 per sq.ft, which is equal to the current guideline value for Gandhi Nagar - Singaravelar Street.

• Gandhi Nagar - Sathyamoorthy Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Rajaji Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Thiruvalluvar Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Vivekanandan Street: Rs 4,950 per sq.ft (2024)
• Gandhi Nagar - V.O.C. Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Pillayar Koil Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar - Singaravelar 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. Together, the total cost for stamp duty and registration fee 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Nagar - Singaravelar Street?

The Sub Registrar Office that covers Gandhi Nagar - Singaravelar 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

When buying or selling property in Saligramam, the guideline value is a crucial factor during the registration process. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is legally recognized and recorded.

The guideline value also serves as a benchmark for property transactions in the area, providing a standardized value for properties based on their location and classification. This helps in maintaining transparency in property dealings.

Frequently asked questions

What is the current guideline value for Gandhi Nagar - Singaravelar Street?

The current guideline value for Gandhi Nagar - Singaravelar 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 581 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 657% over this period.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Gandhi Nagar - Singaravelar Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located?

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

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

The land classification for Gandhi Nagar - Singaravelar Street is Residential Class II Type - I, indicating its suitability for residential purposes.