Guideline Value for Gandhi Nagar Extension

Gandhi Nagar Extension guideline value

The current guideline value of Gandhi Nagar Extension is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village and falls under the Sembiam SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Gandhi Nagar Extension has changed

Over the years, the guideline value for Gandhi Nagar Extension has seen several revisions. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012. However, this figure decreased to Rs 2,010 per sq.ft in 2017. The subsequent revision in 2023 raised it to Rs 3,000 per sq.ft, and the latest revision in 2024 has increased it further to Rs 3,300 per sq.ft. Notably, there are no figures for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, while the jump from 2023 to 2024 is 10%. The increase from 2012 to 2017 was a decrease of 33%, and the significant rise from 2007 to 2012 was 200%. Overall, from 2007 to 2024, the guideline value has increased by 230%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO with a guideline value for 2024 ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which matches the 2024 figure for Gandhi Nagar Extension.

• Gandhi Nagar Avenue: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar Main Road: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, leading to a total of 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 use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Nagar Extension?

The Sub Registrar Office that covers Gandhi Nagar Extension is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Kolathur, as it determines the minimum value at which properties can be registered. When a buyer purchases a property, the stamp duty and registration fees are calculated based on this guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both buyers and sellers, as it impacts the overall cost of the transaction. It is advisable to consult the latest revisions and values to ensure compliance and accurate financial planning during property dealings.

Frequently asked questions

What is the current guideline value of Gandhi Nagar Extension?

The current guideline value of Gandhi Nagar Extension 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 from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 230% over the years.

What are the stamp duty and registration fees for properties in Gandhi Nagar Extension?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Which office handles property registrations in Gandhi Nagar Extension?

The Sembiam Sub Registrar Office handles property registrations for Gandhi Nagar Extension, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification for Gandhi Nagar Extension?

The land classification for Gandhi Nagar Extension is Residential Class I Type - I, indicating its designation for residential use.