Guideline Value for Gandhi Nagar

Gandhi Nagar guideline value

The current guideline value of Gandhi Nagar in Madambakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Selaiyur Sub Registrar Office and is classified as Residential Special Type - I.

How the guideline value of Gandhi Nagar has changed

The guideline value of Gandhi Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,000 per sq.ft in the 2023 revision, and finally, it reached Rs 2,200 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007 for this street.

In terms of percentage changes, from 2012 to 2017, there was a decrease of 33%. However, the value increased by 49% from 2017 to 2023, and then by 10% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, indicating that the guideline value for Gandhi Nagar is below the median.

• Gandhi Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• Gandhi Nagar 2nd Street: 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 would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total cost of Rs 1,98,000. 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?

The Sub Registrar Office that covers Gandhi Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor during property transactions in Madambakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when agreeing on a sale price to ensure compliance with local regulations.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

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, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Gandhi Nagar?

Gandhi Nagar is classified as Residential Special Type - I.

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

Other streets in Madambakkam with the same guideline value of Rs 2,200 per sq.ft include Gandhi Nagar 1st Cross Street, Gandhi Nagar 1st Main Road, Gandhi Nagar 1st Street, Gandhi Nagar 2nd Cross Street, Gandhi Nagar 2nd Main Road, and Gandhi Nagar 2nd Street.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.