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 3,300 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - II.

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. Starting from the 2002 revision, the guideline value was Rs 472 per sq.ft. This increased to Rs 513 per sq.ft in 2003, marking a 9% rise. The value then saw a significant increase to Rs 650 per sq.ft in 2007, which was a 27% change. By 2012, the value surged to Rs 3,000 per sq.ft, reflecting a remarkable 362% increase. However, from 2012 to 2017, the value dropped to Rs 2,010 per sq.ft, a decrease of 33%. The most recent revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, which is a substantial increase of 64% from the 2017 figure.

It is important to note that the register has no figure for this street in 2023. Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 599%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value is Rs 3,850 per sq.ft, indicating that the guideline value of Gandhi Nagar 1st Cross Street is below this median.

• Gandhi Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 4th Cross Street: Rs 3,300 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more calculations, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers Gandhi Nagar 1st Cross 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 Valasaravakkam

The guideline value plays a crucial role in the registration process of property transactions in Valasaravakkam. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the fees are calculated based on an established value set by the authorities.

It is essential for buyers and sellers to be aware of the guideline value, as it affects the overall cost of property transactions. Understanding the guideline value helps in making informed decisions during the buying or selling process.

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 3,300 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 472 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 599% over the years.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Gandhi Nagar 1st Cross Street?

The Virugambakkam Sub Registrar Office handles property registrations for Gandhi Nagar 1st Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that these fees are based on an established value set by the authorities, which is important for both buyers and sellers.