Guideline Value for Gandhi Nagar 4th Cross Street

Gandhi Nagar 4th Cross Street guideline value

The current guideline value of Gandhi Nagar 4th Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Gandhi Nagar 4th Cross Street has changed

The guideline value for Gandhi Nagar 4th Cross Street has undergone several revisions over the years. In 2002, the guideline value was Rs 472 per sq.ft, which increased to Rs 513 per sq.ft in 2003, marking a change of +9%. The value then rose significantly to Rs 650 per sq.ft in 2007, reflecting a +27% increase. Following that, the value saw a substantial jump to Rs 3,000 per sq.ft in 2012, which was a remarkable increase of +362%. However, the 2017 revision saw a decrease to Rs 2,010 per sq.ft, a drop of -33%. The most recent revision in 2024 brought the guideline value back up to Rs 3,300 per sq.ft, representing a +64% increase from 2017.

It is important to note that there is no figure available for the year 2023 for this street in the register. Overall, from 2002 to 2024, the guideline value has increased by +599%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft, with a median value of Rs 3,850 per sq.ft. The guideline value of Gandhi Nagar 4th Cross Street is below this median.

• Gandhi Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar 4th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 information.

Which Sub Registrar Office covers Gandhi Nagar 4th Cross Street?

The Sub Registrar Office that covers Gandhi Nagar 4th Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes, ensuring that the transaction is recorded at a fair value.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of ownership. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gandhi Nagar 4th Cross Street?

The current guideline value of Gandhi Nagar 4th Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 472 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of +599% over the years.

What is the land classification for Gandhi Nagar 4th Cross Street?

Gandhi Nagar 4th Cross Street is classified as Residential Class II Type - II, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this area?

The Virugambakkam Sub Registrar Office covers Gandhi Nagar 4th Cross Street and is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.