Guideline Value for Gandhi Nagar 1st Street

Gandhi Nagar 1st Street guideline value

The current guideline value of Gandhi Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special 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. The earliest available revision is from 2012, where the guideline value was Rs 2,000 per sq.ft. This figure remained until the 2017 revision, which saw a decrease to Rs 1,340 per sq.ft. In 2023, the value increased to Rs 2,000 per sq.ft, and the latest revision in 2024 has set the value at Rs 2,200 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%. The change from 2023 to 2024 represents a 10% increase. Overall, from the 2012 revision to the current 2024 guideline value, there has been an increase of 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

Madambakkam village has a total of 1151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 2,400 per sq.ft, placing Gandhi Nagar 1st Street's 2024 figure below that median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Gandhi Nagar 1st Street?

The Sub Registrar Office that covers Gandhi Nagar 1st 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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in real estate transactions.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers and sellers must be aware of these values to avoid any discrepancies during the registration process.

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 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, then back to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Gandhi Nagar 1st Street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total costs amount to Rs 1,98,000.

Which Sub Registrar Office covers Gandhi Nagar 1st Street?

The Selaiyur Sub Registrar Office covers Gandhi Nagar 1st Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

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

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