Guideline Value for GANDHI 1ST CROSS STREET

Gandhi 1st Cross Street guideline value

The current guideline value of Gandhi 1st Cross Street is Rs 1,540 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Gandhi 1st Cross Street has changed

The guideline value for Gandhi 1st Cross Street has undergone several revisions over the years. In 2012, the guideline value was Rs 1,400 per sq.ft, which decreased to Rs 938 per sq.ft in 2017. The value then increased significantly to Rs 1,400 per sq.ft in 2023, and most recently to Rs 1,540 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. However, the 2012 to 2017 period saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Gandhi 1st Cross Street is below this median.

• Gandhi 2nd Cross Street: Rs 1,540 per sq.ft (2024)
• Gandhi Main Road: Rs 1,540 per sq.ft (2024)
• Ganapathy Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Ganapathy Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Friends Avenue: Rs 2,750 per sq.ft (2024)
• Farm Township: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,540 per sq.ft, the total guideline value amounts to Rs 15,40,000. The stamp duty at 7% would be Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, bringing the total to Rs 1,38,600. 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 Gandhi 1st Cross Street?

The Sub Registrar Office that covers Gandhi 1st Cross Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when buying or selling property in the area.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct amount of revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Gandhi 1st Cross Street?

The current guideline value of Gandhi 1st Cross Street is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,400 per sq.ft in 2012 to Rs 938 per sq.ft in 2017, then to Rs 1,400 per sq.ft in 2023, and finally to Rs 1,540 per sq.ft in 2024.

What is the land classification for Gandhi 1st Cross Street?

The land classification for Gandhi 1st Cross Street is Residential Class IV Type - I.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 15,40,000, the stamp duty would be Rs 1,07,800 and the registration fee would be Rs 30,800, totaling Rs 1,38,600.

Which office handles registrations for Gandhi 1st Cross Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Gandhi 1st Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.