Guideline Value for Gandhi Nagar 5th Street

Gandhi Nagar 5th Street guideline value

The current guideline value of Gandhi Nagar 5th Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Gandhi Nagar 5th Street has changed

Over the years, the guideline value for Gandhi Nagar 5th Street has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which decreased to Rs 1,675 per sq.ft in the 2017 revision. However, from 2017 to 2024, there has been a significant increase of 61%, bringing the current value to Rs 2,700 per sq.ft.

There are no figures available for the revisions in 2023, 2007, and 2003 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which matches the current guideline value of Gandhi Nagar 5th Street.

• Gandhi Nagar 5th Cross Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 6th Cross Street: Rs 2,700 per sq.ft (2024)
• Gandhi Nagar 6th Cross Street 1st Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• Gandhi Nagar 6th Cross Street 2nd Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 6th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty is charged at 7%, which totals Rs 1,89,000, and the registration fee is charged at 2%, amounting to Rs 54,000. Together, the total cost for stamp duty and registration fee is Rs 2,43,000. Note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Gandhi Nagar 5th Street?

The Madhavaram Sub Registrar Office covers Gandhi Nagar 5th Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that transactions are conducted at fair values.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for all property transactions. This ensures that the government receives appropriate revenue from property sales while also protecting buyers and sellers from undervaluation.

Frequently asked questions

What is the current guideline value of Gandhi Nagar 5th Street?

The current guideline value of Gandhi Nagar 5th Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, and then it increased to Rs 2,700 per sq.ft in 2024. There are no figures available for the years 2023, 2007, and 2003.

What is the land classification of Gandhi Nagar 5th Street?

Gandhi Nagar 5th Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

How is stamp duty calculated for properties in Gandhi Nagar 5th Street?

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

Which office handles property registrations in Gandhi Nagar 5th Street?

The Madhavaram Sub Registrar Office handles property registrations for Gandhi Nagar 5th Street. It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.