Guideline Value for Gandhi Nagar 7th Street

Gandhi Nagar 7th Street guideline value

The current guideline value of Gandhi Nagar 7th 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 7th Street has changed

The guideline value for Gandhi Nagar 7th Street has seen several revisions over the years. 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, the latest revision in 2024 has increased the guideline value to Rs 2,700 per sq.ft, marking a significant increase of 61% from 2017.

From 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 8%. The register does not provide figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 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 for these streets is Rs 2,700 per sq.ft, which is equal to the current guideline value of Gandhi Nagar 7th Street.

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

Stamp duty and registration fee for property in Gandhi Nagar 7th 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, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Nagar 7th Street?

The Sub Registrar Office that covers Gandhi Nagar 7th 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 critical factor when registering property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value impacts the stamp duty and registration fees payable, which are calculated based on this value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Gandhi Nagar 7th 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 to Rs 2,700 per sq.ft in 2024. This represents a 61% increase from 2017 to 2024.

What are the guideline values for other streets in Kodungaiyur?

Other streets in Kodungaiyur have varying guideline values, with rates 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.

What fees are associated with buying property in Gandhi Nagar 7th Street?

When buying property, the fees include stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur total fees of Rs 2,43,000 based on the current guideline value.

Where can I find my Sub Registrar Office?

The Madhavaram Sub Registrar Office covers Gandhi Nagar 7th Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information by visiting the appropriate link.