Guideline Value for Gandhi Nagar 1st street

Gandhi Nagar 1st street guideline value

The current guideline value of Gandhi Nagar 1st street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO, classified as Residential Class III Type - I.

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

The guideline value of Gandhi Nagar 1st street has seen several revisions over the years. In 2012, the value was Rs 2,300 per sq.ft, which decreased to Rs 1,541 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023, and then to Rs 2,500 per sq.ft in the 2024 revision, marking a 9% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, which is equal to the current guideline value of Gandhi Nagar 1st street.

• Gandhi Nagar 2nd Street: Rs 2,500 per sq.ft (2024)
• Ganapathy Street (Krishnamoorthy Nagar): Rs 2,500 per sq.ft (2024)
• Ganapathy Nagar / Street: Rs 2,200 per sq.ft (2024)
• E.V.R. Salai: Rs 2,200 per sq.ft (2024)
• Ethiraj Swamy Road: Rs 3,000 per sq.ft (2024)
• Ethiraj Swami Sanathi Street: Rs 3,000 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 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, making the total charges Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or 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 Gandhi Nagar 1st street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical component in the registration process of property transactions in Erukancherry. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property.

When a property is sold, the guideline value helps establish the minimum value at which the property can be registered. This ensures that the transaction is recorded accurately and reflects the current market conditions as per the guidelines set by the Registration Department.

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 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

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

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which office handles the registration for Gandhi Nagar 1st street?

The Madhavaram Sub Registrar Office handles the registration for Gandhi Nagar 1st street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the median guideline value in Erukancherry?

The median guideline value in Erukancherry is Rs 2,500 per sq.ft, which is the same as the current guideline value for Gandhi Nagar 1st street.