Guideline Value for Gandhi Nagar Main Road

Gandhi Nagar Main Road guideline value

The current guideline value of Gandhi Nagar Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Kolathur village, under the Sembiam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Gandhi Nagar Main Road has changed

The guideline value for Gandhi Nagar Main Road has undergone several revisions over the years. In 2002, the value was Rs 291 per sq.ft, which increased to Rs 316 per sq.ft in 2003. Following that, there was a significant rise to Rs 900 per sq.ft in 2007, and it further increased to Rs 3,000 per sq.ft in 2012. However, the value decreased to Rs 2,010 per sq.ft in 2017. The most recent revisions show an increase to Rs 3,000 per sq.ft in 2023, and the current value is Rs 3,300 per sq.ft as of 2024.

In terms of percentage changes, from 2002 to 2024, there has been an overall increase of 1,034%. The changes between the revisions are as follows: from 2002 to 2003, there was a 9% increase; from 2003 to 2007, a 185% increase; from 2007 to 2012, a 233% increase; from 2012 to 2017, a decrease of 33%; and from 2017 to 2023, an increase of 49%. The change from 2023 to 2024 is a 10% increase.

Guideline values in Kolathur

In Kolathur village, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Gandhi Nagar Main Road aligns with this median.

• Gandhi Nagar Extension: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar Avenue: 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 Main Road

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 and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Nagar Main Road?

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

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

When buying or selling property in Kolathur, the guideline value is a crucial factor in determining the stamp duty and registration fees. The guideline value serves as a benchmark for the minimum value at which a property can be registered, ensuring that the government receives the appropriate taxes on property transactions.

It is important to understand that the guideline value may influence negotiations between buyers and sellers. However, the final sale price may vary based on the specific conditions of the transaction, but the registration must reflect at least the guideline value.

Frequently asked questions

What is the current guideline value of Gandhi Nagar Main Road?

The current guideline value of Gandhi Nagar Main Road 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 several times, starting from Rs 291 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1,034% over the years.

What are the other streets in Kolathur with the same guideline value?

Other streets in Kolathur with the same guideline value of Rs 3,300 per sq.ft include Gandhi Nagar Extension, Gandhi Nagar Avenue, Gandhi Nagar 5th Street, Gandhi Nagar 4th Street, Gandhi Nagar 3rd Street, and Gandhi Nagar 2nd Street.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total cost would be Rs 2,97,000, which includes both fees.

Where can I find the Sub Registrar Office for Gandhi Nagar Main Road?

The Sembiam Sub Registrar Office, which covers Gandhi Nagar Main Road, is located at 5, Papermills Road, Sembiam, Chennai - 600011.