Guideline Value for Gandhi Nagar 1st Street

Gandhi Nagar 1st Street guideline value

The current guideline value of Gandhi Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - I.

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

The guideline value for Gandhi Nagar 1st Street has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 1,000 per sq.ft. This increased significantly by 200% to Rs 3,000 per sq.ft in 2012. However, in the 2017 revision, the value decreased by 33% to Rs 2,010 per sq.ft. The most recent revision in 2024 has raised the guideline value to Rs 3,300 per sq.ft, marking an increase of 64% from 2017.

It is important to note that there are no figures available for the revisions in 2023, 2003, and 2002 for this street. Overall, from 2007 to 2024, the guideline value has increased by 230%.

Guideline values in Kolathur

In Kolathur village, there are 879 streets under the Sembiam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Gandhi Nagar 1st Street aligns with this median.

• Gandhi Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar Avenue: Rs 3,300 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 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 fees would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Gandhi Nagar 1st Street?

The Sub Registrar Office covering Gandhi Nagar 1st Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value serves as a benchmark for property transactions in Kolathur. When buying or selling property, this value is used to determine the stamp duty and registration fees, ensuring that all transactions are conducted fairly and transparently.

During the registration process, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This helps maintain consistency and accountability in property dealings within the region.

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 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 230% over the years.

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

The land classification for Gandhi Nagar 1st Street is Residential Class I Type - I, indicating its suitability for residential purposes.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles all registration activities for the area.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. For example, 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.