Guideline Value for Gandhi Nagar

Gandhi Nagar guideline value

The current guideline value of Gandhi Nagar, located in Konnur village under the Konnur SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Gandhi Nagar has changed

The guideline value for Gandhi Nagar has seen several revisions over the years. In 2002, the guideline value was Rs 215 per sq.ft. This increased to Rs 285 per sq.ft in 2003, marking a 33% rise. The value further increased significantly to Rs 500 per sq.ft in 2007, which is a 75% increase from the previous year. Following this, the value jumped to Rs 2,500 per sq.ft in 2012, reflecting a substantial 400% increase.

From 2012 to 2017, the guideline value decreased to Rs 1,675 per sq.ft, a drop of 33%. However, it rose again to Rs 2,500 per sq.ft in 2023, before reaching the current value of Rs 2,750 per sq.ft in 2024, which is a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1,179%.

Guideline values in Konnur

Konnur village has a total of 249 streets under the Konnur SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median guideline value in Konnur is Rs 3,800 per sq.ft, placing Gandhi Nagar's value below this median.

• Gandhi Street: Rs 6,000 per sq.ft (2024)
• Ganesh Nagar & Street: Rs 3,800 per sq.ft (2024)
• G.K.M. Colony 25th Street Sathyavani Muthu Street: Rs 5,500 per sq.ft (2024)
• G.K.M. Colony 26th Street Kennadi Street: Rs 5,500 per sq.ft (2024)
• G.K.M. Colony 27th Street Punitha Sahayamatha Street: Rs 5,500 per sq.ft (2024)
• G.K.M. Colony 28th Street Anantha Balavinayagar Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value is Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Nagar?

The Sub Registrar Office covering Gandhi Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Konnur. It determines the minimum value at which a property can be sold or purchased and is used to calculate stamp duty and registration fees. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during property transactions.

When a property is registered, the guideline value serves as a benchmark for the transaction. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price. Conversely, if the sale price is lower, the duty will be charged on the guideline value.

Frequently asked questions

What is the current guideline value of Gandhi Nagar?

The current guideline value of Gandhi Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 215 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 1,179% over this period.

What is the land classification for Gandhi Nagar?

The land classification for Gandhi Nagar is Residential Class III Type - I.

What is the registration office for Gandhi Nagar?

The registration office for Gandhi Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total charges would amount to Rs 2,47,500.