Guideline Value for Gandhi Nagar

Gandhi Nagar guideline value

The current guideline value of Gandhi Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 2,200 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Gandhi Nagar has changed

The guideline value for Gandhi Nagar has seen several revisions over the years. The earliest recorded figure is from 2012, where the guideline value was Rs 2,000 per sq.ft. In 2017, this value dropped to Rs 1,340 per sq.ft, reflecting a decrease of 33%. However, the most recent revision in 2024 has brought the guideline value back up to Rs 2,200 per sq.ft, marking an increase of 64% from the 2017 figure.

Overall, comparing the figures from 2012 to 2024, there has been a slight increase of 10%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2023 for this street in the guideline value register.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Gandhi Nagar's 2024 figure above this median.

• Gandhimathi Street (Ward-1): Rs 1,300 per sq.ft (2024)
• Gandhiji Street (Ward-29): Rs 1,600 per sq.ft (2024)
• Gandhiji Street (Lakshmipuram): Rs 1,600 per sq.ft (2024)
• Ganapathy Thottam (Ward-30): Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar (Ward 24): Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar Main Rd (Ward No.3): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Nagar

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

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

Which Sub Registrar Office covers Gandhi Nagar?

The Sub Registrar Office that covers Gandhi Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered and is essential for calculating applicable stamp duty and registration fees.

When a property is sold, the buyer and seller must consider the guideline value to ensure compliance with legal requirements. The registration office will use the guideline value to assess the transaction, ensuring that all fees are calculated based on this established rate.

Frequently asked questions

What is the current guideline value of Gandhi Nagar?

The current guideline value of Gandhi Nagar 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, and then increased to Rs 2,200 per sq.ft in 2024.

What is the land classification of Gandhi Nagar?

Gandhi Nagar falls under the Residential Class I Type - I land classification.

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 property in Gandhi Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.