Guideline Value for Sanjay Gandhi Nagar 3rd Street

Sanjay Gandhi Nagar 3rd Street guideline value

The current guideline value of Sanjay Gandhi Nagar 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Sanjay Gandhi Nagar 3rd Street has changed

The guideline value for Sanjay Gandhi Nagar 3rd Street has undergone several revisions over the years. The earliest recorded revision is from 2007, where the guideline value was Rs 500 per sq.ft. This figure saw a significant increase of 600% by 2012, bringing the value to Rs 3,500 per sq.ft. However, from 2012 to 2017, the value decreased by 33% to Rs 2,345 per sq.ft. The 2023 revision marked a substantial rise of 49%, setting the value at Rs 3,500 per sq.ft, and the latest revision in 2024 has further increased it by 10% to Rs 3,850 per sq.ft. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 670%. The changes between the revisions highlight the fluctuations in property values over the years, reflecting the evolving real estate landscape in the area.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which means that the 2024 figure for Sanjay Gandhi Nagar 3rd Street is below that median.

• Sanjay Gandhi Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Sanjay Gandhi Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Sanjay Gandhi Nagar: Rs 3,850 per sq.ft (2024)
• Sangareeshwari Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Sangareeshwari Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Sangareeshwari Nagar 1st Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sanjay Gandhi Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total cost for stamp duty and registration fee would be Rs 3,46,500. 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 Sanjay Gandhi Nagar 3rd Street?

The Sanjay Gandhi Nagar 3rd Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering a property in Virugambakkam. It determines the minimum value at which a property can be registered and is used to calculate stamp duty and registration fees. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the transaction.

When a property is sold, the guideline value serves as a reference point for the transaction. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sanjay Gandhi Nagar 3rd Street?

The current guideline value of Sanjay Gandhi Nagar 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 670% over the years.

What is the stamp duty for properties in Sanjay Gandhi Nagar 3rd Street?

The stamp duty for properties is calculated at 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Sanjay Gandhi Nagar 3rd Street?

The land classification for Sanjay Gandhi Nagar 3rd Street is Residential Class III Type - II.