Guideline Value for Mahathma Gandhi Nagar

Mahathma Gandhi Nagar guideline value

The current guideline value of Mahathma Gandhi Nagar, located in Chikkarayapuram village under the Kunrathur SRO, is Rs 1,980 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Special Type - I.

How the guideline value of Mahathma Gandhi Nagar has changed

The guideline value for Mahathma Gandhi Nagar has seen significant changes over the years. In 2003, the guideline value was Rs 38 per sq.ft. It increased to Rs 200 per sq.ft in 2007, marking a substantial rise of 426%. The value further rose to Rs 1,400 per sq.ft in 2012, which was a 600% increase from the previous revision. However, from 2012 to 2017, it decreased to Rs 938 per sq.ft, representing a decline of 33%. The value then surged to Rs 1,800 per sq.ft in 2023, a remarkable increase of 92%, and has now reached Rs 1,980 per sq.ft in 2024, reflecting a 10% rise.

The register does not have figures for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 5111%.

Guideline values in Chikkarayapuram

In Chikkarayapuram, there are 61 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,430 to Rs 2,800 per sq.ft. The median guideline value in this village is Rs 1,980 per sq.ft, which is the same as the guideline value for Mahathma Gandhi Nagar.

• Mariamman Koil Street: Rs 1,980 per sq.ft (2024)
• Leelavathy Nagar Extn: Rs 1,980 per sq.ft (2024)
• Leelavathi Nagar Avenue: Rs 1,980 per sq.ft (2024)
• Leelavathi Nagar: Rs 1,980 per sq.ft (2024)
• Lakshmi Nagar/Vistharippu/Babu Garden: Rs 1,760 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,430 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 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total cost for these fees to Rs 1,78,200. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahathma Gandhi Nagar?

The Mahathma Gandhi Nagar area falls under the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Chikkarayapuram. It is used to determine the stamp duty and registration fees that must be paid at the time of registration. Buyers and sellers should be aware that the guideline value is set by the Registration Department and reflects the market conditions for properties in the area.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Mahathma Gandhi Nagar?

The current guideline value of Mahathma Gandhi Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 38 per sq.ft in 2003 to Rs 1,980 per sq.ft in 2024, representing an overall increase of 5111% over the years.

What are the other streets with similar guideline values in Chikkarayapuram?

Other streets in Chikkarayapuram, such as Mariamman Koil Street and Leelavathy Nagar, also have a guideline value of Rs 1,980 per sq.ft as of 2024.

What fees are associated with buying property in Mahathma Gandhi Nagar?

When buying property, buyers must pay a stamp duty of 7% and a registration fee of 2% based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Mahathma Gandhi Nagar?

The Kunrathur Sub Registrar Office covers Mahathma Gandhi Nagar and is located at No.59, Road Street, Kundrathur, Chennai -600 069.