Guideline Value for Gandhi Nagar 2nd Street

Gandhi Nagar 2nd Street guideline value

The current guideline value for Gandhi Nagar 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village and falls under the Madhavaram SRO. The land classification for this area is Residential Class I Type - I.

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

The guideline value for Gandhi Nagar 2nd Street has undergone significant changes over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which was then increased to Rs 2,700 per sq.ft in the 2024 revision, reflecting a change of +61%. The register does not have figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

In summary, the guideline value for Gandhi Nagar 2nd Street increased from Rs 1,675 per sq.ft in 2017 to Rs 2,700 per sq.ft in 2024, marking a notable rise. The absence of figures for other revisions indicates that this street's value has not been assessed in those years.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value is Rs 2,700 per sq.ft, which is equal to the current value of Gandhi Nagar 2nd Street.

• Gandhi Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• Gandhi Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Gandhi Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 1st Main Road (Koyyathoppu): Rs 2,700 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 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, the total cost for these fees would be Rs 2,43,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Gandhi Nagar 2nd Street?

The Sub Registrar Office that covers Gandhi Nagar 2nd Street is 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 Kodungaiyur

The guideline value is a crucial factor in the registration process when buying or selling property in Kodungaiyur. 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 of the two is used to calculate the applicable duties and fees. This ensures that the government collects the appropriate revenue based on the property's assessed value.

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 2,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,675 per sq.ft to Rs 2,700 per sq.ft in 2024, which is a change of +61%.

What are the guideline values for other streets in Kodungaiyur?

Other streets in Kodungaiyur have varying guideline values. For instance, Gandhi Nagar 3rd Cross Street and Gandhi Nagar 2nd Cross Street are both valued at Rs 2,200 per sq.ft, while Gandhi Nagar 3rd Street, Gandhi Nagar 1st Street, and Gandhi Nagar 1st Main Road (Koyyathoppu) are valued at Rs 2,700 per sq.ft.

Where can I find the Sub Registrar Office for Gandhi Nagar 2nd Street?

The Sub Registrar Office for Gandhi Nagar 2nd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Kodungaiyur?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, if a property has a guideline value of Rs 27,00,000, the stamp duty at 7% would be Rs 1,89,000.