Guideline Value for Gandhi Nagar 2nd Cross Street

Gandhi Nagar 2nd Cross Street guideline value

The current guideline value of Gandhi Nagar 2nd Cross Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village and falls under the Neelankarai SRO, classified as Residential Class III Type - I.

How the guideline value of Gandhi Nagar 2nd Cross Street has changed

The guideline value for Gandhi Nagar 2nd Cross Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,700 per sq.ft, an increase from Rs 1,500 per sq.ft in the 2023 revision. This marks a change of +13%. Prior to that, in 2017, the guideline value was Rs 1,005 per sq.ft, reflecting a significant increase of +49% by 2023. The 2012 revision had set the value at Rs 1,500 per sq.ft, which was a decrease of -33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by +13%.

It is important to note that there are no figures available in the register for the years 2002, 2003, and 2007 for this street. The guideline value history shows fluctuations, with the most notable changes occurring between the years mentioned.

Guideline values in Neelankarai

In Neelankarai village, there are 377 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, indicating that the 2024 figure for Gandhi Nagar 2nd Cross Street is below this median.

• Gandhi Nagar 1st Cross Street: Rs 1,700 per sq.ft (2024)
• Gandhi Nagar Main Road: Rs 1,700 per sq.ft (2024)
• Gajira Garden 6th Cross Street: Rs 3,900 per sq.ft (2024)
• Gajira Garden 5th Cross Street: Rs 3,900 per sq.ft (2024)
• Gajira Garden 4th Cross Street: Rs 3,900 per sq.ft (2024)
• Gajira Garden 3rd Cross Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 1,700 per sq.ft, the guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Nagar 2nd Cross Street?

The Sub Registrar Office covering Gandhi Nagar 2nd Cross Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Neelankarai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Gandhi Nagar 2nd Cross Street?

The current guideline value of Gandhi Nagar 2nd Cross 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 1,500 per sq.ft in 2023 to Rs 1,700 per sq.ft in 2024, marking a +13% increase. Before that, it was Rs 1,005 per sq.ft in 2017, which increased by +49% to 2023.

What is the registration fee for property in Gandhi Nagar 2nd Cross Street?

The registration fee is calculated based on the guideline value. For a property valued at Rs 17,00,000, the registration fee at 2% would be Rs 34,000.

Where is the Sub Registrar Office for Gandhi Nagar 2nd Cross Street located?

The Sub Registrar Office for Gandhi Nagar 2nd Cross Street is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What are the guideline values for other streets in Neelankarai?

The guideline values for other streets in Neelankarai vary, with rates ranging from Rs 1,700 per sq.ft for Gandhi Nagar 1st Cross Street and Gandhi Nagar Main Road to Rs 3,900 per sq.ft for Gajira Garden streets.