Guideline Value for GANDHI 1ST STREET

Gandhi 1st Street guideline value

The current guideline value of Gandhi 1st Street in Mitnamalle village, under the Avadi SRO, is Rs 802 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Gandhi 1st Street has changed

The guideline value for Gandhi 1st Street has seen several revisions over the years. In 2007, the value was Rs 150 per sq.ft, which increased significantly to Rs 600 per sq.ft in 2012. However, it then decreased to Rs 402 per sq.ft in 2017. The value rose again to Rs 600 per sq.ft in 2023 and has now reached Rs 802 per sq.ft in the 2024 revision. There are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 34%. The overall increase from 2007 to 2024 is a substantial 435%, reflecting the changes in the guideline value over the years.

Guideline values in Mitnamalle

In Mitnamalle, there are 53 streets under the Avadi SRO with a 2024 guideline value ranging from Rs 800 to Rs 2,550 per sq.ft. The median value is Rs 802 per sq.ft, which aligns with the guideline value of Gandhi 1st Street.

• Gandhi 2nd Cross: Rs 802 per sq.ft (2024)
• Gandhi Road: Rs 802 per sq.ft (2024)
• Ganesh Nagar: Rs 806 per sq.ft (2024)
• Durakai Amman Koil St: Rs 802 per sq.ft (2024)
• Guru Duwara St: Rs 806 per sq.ft (2024)
• Happy Garden: Rs 802 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 802 per sq.ft, the total guideline value would be Rs 8,02,000. The stamp duty at 7% would amount to Rs 56,140, and the registration fee at 2% would be Rs 16,040, bringing the total costs together to Rs 72,180. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi 1st Street?

The Sub Registrar Office that covers Gandhi 1st Street is the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Mitnamalle. It is used to determine the stamp duty and registration fees payable when buying or selling property in the area. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations during the registration process.

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

Frequently asked questions

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

The current guideline value of Gandhi 1st Street is Rs 802 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 150 per sq.ft in 2007 to Rs 802 per sq.ft in 2024, reflecting an overall increase of 435% over the years.

What is the land classification for Gandhi 1st Street?

Gandhi 1st Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for a property on Gandhi 1st Street?

For a 1,000 sq.ft property, the total guideline value is Rs 8,02,000. The stamp duty would be Rs 56,140, and the registration fee would be Rs 16,040, totaling Rs 72,180.

Where is the Sub Registrar Office for Gandhi 1st Street located?

The Sub Registrar Office for Gandhi 1st Street is located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.