Guideline Value for Gandhi Nagar 1st Cross Street

Gandhi Nagar 1st Cross Street guideline value

The current guideline value of Gandhi Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Gandhi Nagar 1st Cross Street has changed

The guideline value for Gandhi Nagar 1st Cross Street has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 2,000 per sq.ft. This was followed by a decrease in the 2017 revision, where the value dropped to Rs 1,340 per sq.ft. However, the most recent revision in 2024 saw a significant increase to Rs 2,200 per sq.ft, marking a 64% rise from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2023 for this street in the register.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, placing Gandhi Nagar 1st Cross Street's value below this median.

• Gandhi Nagar 1st Main Road (Koyyathoppu): Rs 2,700 per sq.ft (2024)
• Gandhi Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Gandhi Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Gandhi Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 3rd Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to 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 detailed calculations.

Which Sub Registrar Office covers Gandhi Nagar 1st Cross Street?

The Sub Registrar Office that covers Gandhi Nagar 1st Cross Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Kodungaiyur, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which are mandatory during the property transaction process.

When a property is sold, the buyer and seller must ensure that the sale price is not lower than the guideline value to avoid legal complications. The registration office will refer to the guideline value to assess the applicable fees and taxes, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Gandhi Nagar 1st Cross Street?

The current guideline value of Gandhi Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2023.

What is the land classification for Gandhi Nagar 1st Cross Street?

Gandhi Nagar 1st Cross Street is classified as Residential Class II Type - I under the current guidelines.

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

The stamp duty rate for properties in Gandhi Nagar 1st Cross Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.