Guideline Value for Gandhi Nagar 3rd Street

Gandhi Nagar 3rd Street guideline value

The current guideline value for Gandhi Nagar 3rd Street is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Gandhi Nagar 3rd Street has changed

The guideline value for Gandhi Nagar 3rd Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,800 per sq.ft. This figure remained until 2017 when it decreased to Rs 1,876 per sq.ft, marking a decline of 33%. Following this, the value increased significantly to Rs 2,800 per sq.ft in 2023, and then further rose to Rs 3,100 per sq.ft in 2024, reflecting an increase of 11% from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2012 to 2024, there has been an increase of 11%. The current value of Rs 3,100 per sq.ft aligns with the median value of Rs 3,100 per sq.ft for 394 streets in Ramapuram under the Chennai South Joint II SRO.

Guideline values in Ramapuram

In Ramapuram, the guideline values range from Rs 1,950 to Rs 6,600 per sq.ft, with the median being Rs 3,100 per sq.ft. Gandhi Nagar 3rd Street's 2024 guideline value matches this median.

• Gandhi Nagar 4th Street: Rs 3,100 per sq.ft (2024)
• Gandhi Nagar 2nd Street: Rs 3,100 per sq.ft (2024)
• Gandhi Nagar 1st Street: Rs 3,100 per sq.ft (2024)
• Gandhi Nagar First Avenue: Rs 3,100 per sq.ft (2024)
• Gandhi Nagar Lane: Rs 3,100 per sq.ft (2024)
• Gandhi Nagar: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar 3rd Street

For a 1,000 sq.ft plot at the current rate of Rs 3,100 per sq.ft, the guideline value is Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, totaling Rs 2,79,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Nagar 3rd Street?

The Sub Registrar Office that covers Gandhi Nagar 3rd Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ramapuram. 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 fairly.

When a property is sold, the buyer must pay stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Gandhi Nagar 3rd Street?

The current guideline value of Gandhi Nagar 3rd Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What is the land classification for Gandhi Nagar 3rd Street?

The land classification for Gandhi Nagar 3rd Street is Residential Class II Type - I.

Where can I find the Sub Registrar Office for Gandhi Nagar 3rd Street?

The Sub Registrar Office for Gandhi Nagar 3rd Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 31,00,000, the total fees would amount to Rs 2,79,000.