Guideline Value for Gandhiji Colony

Gandhiji Colony guideline value

The current guideline value of Gandhiji Colony, located in Padappai village under the Padappai SRO, is Rs 660 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - I land classification.

How the guideline value of Gandhiji Colony has changed

The guideline value of Gandhiji Colony has seen several revisions over the years. In 2007, the guideline value was set at Rs 50 per sq.ft, which increased dramatically to Rs 600 per sq.ft in 2012, marking a substantial rise of 1100%. However, this value decreased to Rs 402 per sq.ft in 2017, a decline of 33%. The subsequent revision in 2023 raised the value to Rs 600 per sq.ft, and the most recent revision in 2024 set the value at Rs 660 per sq.ft, an increase of 10% from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 1220%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft, with a median value of Rs 830 per sq.ft. The guideline value of Gandhiji Colony is below this median.

• Gandhi Nagar: Rs 830 per sq.ft (2024)
• Ganapathy Nagar: Rs 830 per sq.ft (2024)
• Gandhi Street: Rs 830 per sq.ft (2024)
• Eswaran Koil Street: Rs 660 per sq.ft (2024)
• Elliamman Koil Street: Rs 660 per sq.ft (2024)
• Gnanambal Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhiji Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total fees to Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhiji Colony?

The Sub Registrar Office that covers Gandhiji Colony is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Padappai. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the current guideline value as it directly impacts the costs associated with property transactions. This value ensures that the registration fees are calculated fairly based on the established rates in the area.

Frequently asked questions

What is the current guideline value of Gandhiji Colony?

The current guideline value of Gandhiji Colony is Rs 660 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 50 per sq.ft to Rs 660 per sq.ft in 2024, marking an overall increase of 1220%.

What are the stamp duty and registration fees for property in Gandhiji Colony?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 6,60,000, the total fees would be Rs 59,400.

Which office handles property registrations in Padappai?

The Padappai Sub Registrar Office handles property registrations in Padappai, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department and is based on various factors, including the location and land classification of the property.