Guideline Value for INDIRA GANDHI STREET 2nd STREET 1st & 2nd CROSS

INDIRA GANDHI STREET 2nd STREET 1st & 2nd CROSS guideline value

The current guideline value for INDIRA GANDHI STREET 2nd STREET 1st & 2nd CROSS is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Karapakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - II.

How the guideline value of INDIRA GANDHI STREET 2nd STREET 1st & 2nd CROSS has changed

The guideline value for this street has seen several revisions over the years. In 2012, the value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and then to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street. The increase from 2017 to 2023 was substantial at 49%, while the decrease from 2012 to 2017 was 33%.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO with guideline values ranging from Rs 1,000 to Rs 10,700 per sq.ft, where the median value is Rs 1,700 per sq.ft. The guideline value for INDIRA GANDHI STREET 2nd STREET 1st & 2nd CROSS is above this median, reflecting its current rate.

• INDIRA GANDHI STREET (Main): Rs 2,200 per sq.ft (2024)
• Indira Gandhi First Cross Street: Rs 2,200 per sq.ft (2024)
• INDIRA GANDHI 2nd STREET: Rs 2,200 per sq.ft (2024)
• INDIRA GANDHI 1st STREET 3nd CROSS: Rs 2,200 per sq.ft (2024)
• INDIRA GANDHI 1st STREET 2nd CROSS: Rs 2,200 per sq.ft (2024)
• INDIRA GANDHI 1st STREET: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in INDIRA GANDHI STREET 2nd STREET 1st & 2nd CROSS

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value would be 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, totaling 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 further details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers INDIRA GANDHI STREET 2nd STREET 1st & 2nd CROSS?

The Sub Registrar Office that covers INDIRA GANDHI STREET 2nd STREET 1st & 2nd CROSS is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

When buying or selling property in Karapakkam, the guideline value is a crucial factor in determining the registration fees and stamp duty. It serves as a benchmark for the minimum value at which properties can be registered, ensuring that the transaction is documented accurately.

Additionally, the guideline value helps in assessing the fair value of properties during transactions. Buyers and sellers should be aware of these values to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value for INDIRA GANDHI STREET 2nd STREET 1st & 2nd CROSS?

The current guideline value for INDIRA GANDHI STREET 2nd STREET 1st & 2nd CROSS 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 for this street?

INDIRA GANDHI STREET 2nd STREET 1st & 2nd CROSS is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering this area is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on 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 at 7%.