Guideline Value for GANDHI AVENUE

Gandhi Avenue guideline value

The current guideline value of Gandhi Avenue in Purasaivakkam village is Rs 7,700 per sq.ft, effective from 1 July 2024. This property falls under the Purasaivakkam Sub Registrar Office (SRO) and is classified as Residential Class II Type - I.

How the guideline value of Gandhi Avenue has changed

The guideline value for Gandhi Avenue has seen several revisions over the years. In 2007, the value was Rs 2,600 per sq.ft. This increased significantly to Rs 7,000 per sq.ft in 2012, marking a 169% rise. However, in 2017, the value decreased to Rs 4,690 per sq.ft, a drop of 33%. The value then rose again to Rs 7,000 per sq.ft in 2023, followed by a further increase to Rs 7,700 per sq.ft in 2024, which is a 10% increase from the previous year. 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 196%, reflecting significant fluctuations over the years. The most notable change occurred between 2017 and 2023, where the value jumped by 49%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value in the village is Rs 5,500 per sq.ft, placing Gandhi Avenue's 2024 figure above this median.

• Gajapathy Road: Rs 7,700 per sq.ft (2024)
• Flowers Road 4th Lane: Rs 7,100 per sq.ft (2024)
• Flowers Road 3rd Lane: Rs 7,100 per sq.ft (2024)
• Flowers Road 2nd Lane: Rs 7,100 per sq.ft (2024)
• Flowers Road 1st Lane: Rs 7,100 per sq.ft (2024)
• Flowers Road: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total charges to Rs 6,93,000. 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 Avenue?

The Sub Registrar Office covering Gandhi Avenue is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum sale price of a property, ensuring that the value is in line with the prevailing rates in the area.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for legal ownership transfer. Buyers should be aware of the guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Gandhi Avenue?

The current guideline value of Gandhi Avenue is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,600 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting a total increase of 196% over this period.

What is the land classification of Gandhi Avenue?

Gandhi Avenue is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Gandhi Avenue?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total charges amount to Rs 6,93,000.

Where is the Sub Registrar Office for Gandhi Avenue located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, covering Gandhi Avenue and surrounding areas.