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 Madambakkam village under the Selaiyur SRO, classified as Residential Special Type - I.

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

The guideline value for Gandhi Nagar 1st Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then decreased to Rs 1,340 per sq.ft in the 2017 revision. Following that, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision has set it at Rs 2,200 per sq.ft.

Between the revisions, there have been notable changes. The increase from 2017 to 2023 was 49%, while the 2023 to 2024 change was 10%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, making the guideline value of Gandhi Nagar 1st Cross Street below that median.

• Gandhi Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 2nd Street: Rs 2,200 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 is Rs 22,00,000. The stamp duty at 7% amounts to Rs 1,54,000, and the registration fee at 2% is Rs 44,000, bringing the total cost 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 our 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 Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Madambakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it directly impacts the registration fees and stamp duties payable at the time of transaction.

When a property is sold, the guideline value is used by the registration office to assess the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values.

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 several times, with the most recent increase from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, which is a 10% increase. Overall, from 2012 to 2024, the value has increased by 10%.

What is the stamp duty rate for properties in Gandhi Nagar 1st Cross Street?

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

What is the registration fee for properties in this area?

The registration fee for properties in Gandhi Nagar 1st Cross Street is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Gandhi Nagar 1st Cross Street?

The Sub Registrar Office for Gandhi Nagar 1st Cross Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.