Guideline Value for Gandhi Nagar 7th Cross Street

Gandhi Nagar 7th Cross Street guideline value

The current guideline value of Gandhi Nagar 7th Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Gandhi Nagar 7th Cross Street has changed

The guideline value for Gandhi Nagar 7th Cross Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase of 10% from Rs 2,000 per sq.ft in 2023. Prior to that, the value was Rs 1,340 per sq.ft in 2017, reflecting a significant increase of 49% from that year to 2023. The 2012 revision also showed a value of Rs 2,000 per sq.ft, which represented a decrease of 33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

The register does not have figures for the years 2002, 2003, and 2007 for this street. Thus, the earliest recorded value is from 2012. This historical context provides insight into the changes in guideline value over time.

Guideline values in Kodungaiyur

Kodungaiyur village has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft as of 2024. The median value for these streets is Rs 2,700 per sq.ft, placing Gandhi Nagar 7th Cross Street's 2024 figure below that median.

• Gandhi Nagar 7th Cross Street 1st Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 6th Street: Rs 2,700 per sq.ft (2024)
• Gandhi Nagar 7th 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 Cross Street 1st Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 8th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar 7th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Nagar 7th Cross Street?

The Gandhi Nagar 7th Cross Street is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in property transactions in Kodungaiyur. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. The guideline value is set by the government and is updated periodically to reflect changes in the real estate market.

When registering a property, buyers should be aware that the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government collects the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gandhi Nagar 7th Cross Street?

The current guideline value of Gandhi Nagar 7th Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, with various increments and a decrease noted in previous years.

What is the land classification for Gandhi Nagar 7th Cross Street?

Gandhi Nagar 7th Cross Street is classified as Residential Class II Type - I under the Madhavaram SRO.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Gandhi Nagar 7th Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 1,98,000.