Guideline Value for MAHATHMA GANDHI NAGAR

Mahathma Gandhi Nagar guideline value

The current guideline value of Mahathma Gandhi Nagar is Rs 600 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village, under the Chengleput Joint II SRO, and is classified as Residential Special Type - I.

How the guideline value of Mahathma Gandhi Nagar has changed

Over the years, the guideline value for Mahathma Gandhi Nagar has seen several revisions. The 2012 revision set the value at Rs 600 per sq.ft, which remained unchanged in the 2017 revision. However, in 2017, the value dropped to Rs 402 per sq.ft, marking a decrease of 33%. The 2023 revision brought the value back to Rs 600 per sq.ft, which was maintained in the 2024 revision, resulting in no percentage change from 2023 to 2024. The overall change from the 2012 revision to the 2024 revision is also 0%.

From 2017 to 2023, there was a significant increase of 49%, bringing the value back to its previous level. Notably, the register has no figure for the years 2002, 2003, and 2007 for this street.

Guideline values in Kolathur

In Kolathur, there are 58 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 1,600 per sq.ft. The median value is Rs 600 per sq.ft, which is equal to the current guideline value of Mahathma Gandhi Nagar. Below are the guideline values for other streets in Kolathur:

• Maha Nagar: Rs 600 per sq.ft (2024)
• Madura Nagar: Rs 600 per sq.ft (2024)
• Lavakusa Nagar: Rs 600 per sq.ft (2024)
• Lakshmi Narayana Nagar-I: Rs 600 per sq.ft (2024)
• Lakshmi Narayana Nagar: Rs 600 per sq.ft (2024)
• Lakshmi Nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Mahathma Gandhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 600 per sq.ft, the total guideline value would be Rs 6,00,000. The stamp duty at 7% would amount to Rs 42,000, and the registration fee at 2% would be Rs 12,000, bringing the total fees to Rs 54,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahathma Gandhi Nagar?

The Sub Registrar Office that covers Mahathma Gandhi Nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Kolathur. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal and financial obligations.

When a property is sold, the guideline value is compared with the sale price. The higher of the two values is used to calculate the stamp duty, which is a mandatory fee for property registration. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahathma Gandhi Nagar?

The current guideline value of Mahathma Gandhi Nagar is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 600 per sq.ft from 2012 to 2024, with a notable increase of 49% from 2017 to 2023. The value was Rs 402 per sq.ft in 2017.

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

Other streets in Kolathur with a guideline value of Rs 600 per sq.ft include Maha Nagar, Madura Nagar, Lavakusa Nagar, Lakshmi Narayana Nagar-I, Lakshmi Narayana Nagar, and Lakshmi Nagar.

Where is the Chengleput Joint II Sub Registrar Office located?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Mahathma Gandhi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the guideline value of Rs 600 per sq.ft, the stamp duty would be Rs 42,000.