Guideline Value for Gandhi Nagar 1st Street

Gandhi Nagar 1st Street guideline value

The current guideline value of Gandhi Nagar 1st Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Kottivakkam village, under the Adayar SRO. The land classification for this area is Residential Class V Type - III.

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

The guideline value for Gandhi Nagar 1st Street has seen several revisions over the years. The earliest recorded figure is from 2003, when it was Rs 670 per sq.ft. This increased to Rs 1,000 per sq.ft in 2007, then to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017 before rising significantly to Rs 1,500 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 1,700 per sq.ft, marking a 13% increase from the previous year.

Between these revisions, there were notable changes. From 2003 to 2007, the value increased by 49%, followed by a 50% rise from 2007 to 2012. The value then decreased by 33% from 2012 to 2017. Following this, the value saw a substantial increase of 49% from 2017 to 2023. Overall, from 2003 to 2024, the guideline value has increased by 154%. It is important to note that the register has no figure for this street for the year 2002.

Guideline values in Kottivakkam

In Kottivakkam, there are 284 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 8,500 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, making the guideline value of Gandhi Nagar 1st Street below this median.

• Gandhi Nagar 2nd Street: Rs 1,700 per sq.ft (2024)
• Gandhi Nagar Main Road: Rs 1,700 per sq.ft (2024)
• Gandhi Street: Rs 3,300 per sq.ft (2024)
• Elango Nagar Canal Road: Rs 1,700 per sq.ft (2024)
• Elango Nagar: Rs 3,300 per sq.ft (2024)
• ECR New Street: Rs 5,500 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total fees to Rs 1,53,000. Please 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 details.

Which Sub Registrar Office covers Gandhi Nagar 1st Street?

The Sub Registrar Office that covers Gandhi Nagar 1st Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kottivakkam. It serves as a benchmark for determining the minimum value of the property, ensuring that the transaction is recorded at a fair value.

When a property is registered, 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 appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Gandhi Nagar 1st Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 670 per sq.ft in 2003 to Rs 1,700 per sq.ft in 2024, with various increments and decrements in between.

What is the median guideline value in Kottivakkam?

The median guideline value in Kottivakkam is Rs 3,900 per sq.ft, with Gandhi Nagar 1st Street's value being below this median.

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

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Gandhi Nagar 1st Street?

The Sub Registrar Office for Gandhi Nagar 1st Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.