Guideline Value for Gandhi Nagar 2nd Main Road

Gandhi Nagar 2nd Main Road guideline value

The current guideline value of Gandhi Nagar 2nd Main Road is Rs 2,200 per sq.ft. This road 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 2nd Main Road has changed

The guideline value for Gandhi Nagar 2nd Main Road has undergone several revisions over the years. The oldest recorded revision is from 2012, which set the value at Rs 2,000 per sq.ft. The most recent revision, effective from 1 July 2024, has increased this value to Rs 2,200 per sq.ft, marking a change of +10% from the 2012 figure.

It is important to note that the register has no figures for the years 2002, 2003, 2007, 2017, and 2023 for this street. Thus, the only recorded values are from 2012 and 2024.

Guideline values in Madambakkam

In Madambakkam, there are a total of 1151 streets under the Selaiyur SRO with 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, which means that the guideline value for Gandhi Nagar 2nd Main Road is below this median.

• Gandhi Nagar 2nd Cross Street: 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 Main Road

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, and the registration fee at 2% would be Rs 44,000, bringing the total cost of duties to Rs 1,98,000. It is important to note that stamp duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Gandhi Nagar 2nd Main Road?

The Sub Registrar Office that covers Gandhi Nagar 2nd Main Road 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.

To find your SRO, you can visit find your SRO.

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 that the transaction is recorded accurately and transparently.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial implications of the transaction, as these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Gandhi Nagar 2nd Main Road?

The current guideline value of Gandhi Nagar 2nd Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 2,000 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, reflecting a +10% change. There are no recorded figures for the years 2002, 2003, 2007, 2017, and 2023 for this street.

What are the guideline values for other streets in Madambakkam?

Other streets in Madambakkam under the Selaiyur SRO have a guideline value of Rs 2,200 per sq.ft for 2024, similar to Gandhi Nagar 2nd Main Road. This includes streets like Gandhi Nagar 2nd Cross Street and Gandhi Nagar 3rd Cross Street.

How is the stamp duty calculated for properties in Gandhi Nagar 2nd Main Road?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 1,54,000 based on the current guideline value.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office handles registrations for properties in the area.