Guideline Value for Gandhi Nagar 2nd Street

Gandhi Nagar 2nd Street guideline value

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

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

The guideline value for Gandhi Nagar 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 512 per sq.ft, which increased to Rs 670 per sq.ft in 2003. The value continued to rise, reaching Rs 1,000 per sq.ft in 2007, followed by a significant jump to Rs 1,500 per sq.ft in 2012. However, it saw a decrease to Rs 1,005 per sq.ft in 2017. The value then increased to Rs 1,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 1,700 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%. The increase from 2023 to 2024 was 13%. The overall change from 2002 to 2024 shows a significant increase of 232%. The register has no figure for the years not mentioned in the revisions.

Guideline values in Kottivakkam

In Kottivakkam, there are 284 streets under the Adayar SRO that carry a 2024 guideline value, ranging from Rs 1,700 to Rs 8,500 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, making the guideline value of Gandhi Nagar 2nd Street below this median.

• Gandhi Nagar 1st Street: Rs 1,700 per sq.ft (2024)
• Gandhi Nagar Main Road: Rs 1,700 per sq.ft (2024)
• Gandhi Street: Rs 3,300 per sq.ft (2024)
• Elango Nagar Canal Road: Rs 1,700 per sq.ft (2024)
• Elango Nagar: Rs 3,300 per sq.ft (2024)
• ECR New Street: Rs 5,500 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000. Together, the total cost for these fees would be Rs 1,53,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Nagar 2nd Street?

The Sub Registrar Office that covers Gandhi Nagar 2nd Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Kottivakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and must be paid to the government at the time of registration.

Frequently asked questions

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

The current guideline value of Gandhi Nagar 2nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen various revisions, with the most recent increase being from Rs 1,500 per sq.ft in 2023 to Rs 1,700 per sq.ft in 2024, a change of 13%.

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

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

Where is the Sub Registrar Office located?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum price for property registration and is essential for calculating the stamp duty and registration fees during a property transaction.