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 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - I.

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

Over the years, the guideline value of Gandhi Nagar 2nd Cross Street has experienced several revisions. The oldest available revision is from 2012, where the guideline value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. The most recent revision in 2024 has seen an increase to Rs 2,200 per sq.ft. Notably, there are no figures available for the years 2002, 2003, 2007, and 2023 in the register for this street.

From 2012 to 2017, there was a significant decrease of 33%. However, from 2017 to 2024, the guideline value increased by 64%. Overall, comparing the 2012 revision to the current 2024 revision, there has been a slight increase of 10%.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this village is Rs 2,400 per sq.ft, placing the guideline value of Gandhi Nagar 2nd Cross Street below the median.

• Gandhi Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 3rdd Main Road: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 1st Street: Rs 2,200 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 guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for stamp duty and registration would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

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

The Sub Registrar Office that covers Gandhi Nagar 2nd Cross 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 plays a crucial role in the registration process when buying or selling property in Madambakkam. It is used to assess the stamp duty and registration fees that need to be paid. Buyers should be aware that the guideline value is often the basis for these fees, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the guideline value helps determine the minimum value at which the property can be registered. This ensures that properties are not undervalued during transactions, maintaining a standard for property transactions in the region.

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 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, and has increased to Rs 2,200 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2023.

What is the land classification of Gandhi Nagar 2nd Cross Street?

Gandhi Nagar 2nd Cross Street is classified as Residential Special Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty and registration fees would be Rs 1,98,000.

Where is the Sub Registrar Office located for this area?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone.