Guideline Value for Gandhi Nagar - V.O.C. Street

Gandhi Nagar - V.O.C. Street guideline value

The current guideline value of Gandhi Nagar - V.O.C. Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the jurisdiction of the Virugambakkam Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - I.

How the guideline value of Gandhi Nagar - V.O.C. Street has changed

The guideline value for Gandhi Nagar - V.O.C. Street has seen several revisions over the years. In 2002, the value was Rs 1,075 per sq.ft, which increased to Rs 1,174 per sq.ft in 2003, marking a 9% rise. The value then rose to Rs 1,250 per sq.ft in 2007, representing a 6% increase. Following this, the value saw a significant jump to Rs 4,000 per sq.ft in 2012, reflecting a 220% increase. However, it decreased to Rs 2,680 per sq.ft in 2017, which was a decline of 33%.

In 2023, the guideline value was revised to Rs 4,000 per sq.ft, and it increased by 10% to reach Rs 4,400 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 309%. There are no figures available for the revisions in years other than those listed.

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 for these streets is Rs 4,400 per sq.ft, which matches the current guideline value for Gandhi Nagar - V.O.C. Street.

• Gandhi Nagar - Vivekanandan Street: Rs 4,950 per sq.ft (2024)
• Gandhi Nagar - Thiruvalluvar Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Singaravelar Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Sathyamoorthy Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar - Rajaji 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 - V.O.C. 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, while the registration fee at 2% would be Rs 88,000. Together, the total cost for stamp duty and registration 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.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Gandhi Nagar - V.O.C. Street?

The Sub Registrar Office that covers Gandhi Nagar - V.O.C. Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For further details, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is documented at an appropriate value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Gandhi Nagar - V.O.C. Street?

The current guideline value of Gandhi Nagar - V.O.C. 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 increased from Rs 1,075 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 309% over the years.

What is the land classification for Gandhi Nagar - V.O.C. Street?

The land classification for Gandhi Nagar - V.O.C. Street is Residential Class II Type - I.

Where can I find the Sub Registrar Office for this street?

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

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 44,00,000, the stamp duty at 7% would be Rs 3,08,000.