Guideline Value for GANDHI LANE

Gandhi Lane guideline value

The current guideline value of Gandhi Lane, located in Mambalam village under the Thiyagaraya nagar SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - III.

How the guideline value of Gandhi Lane has changed

The guideline value for Gandhi Lane has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 703 per sq.ft. This increased to Rs 780 per sq.ft in 2003, marking an 11% rise. The value saw a significant jump to Rs 1,000 per sq.ft in 2007, reflecting a 28% increase. In 2012, the guideline value was Rs 4,000 per sq.ft, which was a substantial 300% increase from the previous revision.

From 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, showing a decline of 33%. The guideline value then rose to Rs 4,000 per sq.ft in 2023, followed by a final increase to Rs 4,400 per sq.ft in 2024, which is a 10% increase. The overall change from 2002 to 2024 represents an increase of 526%.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 22,000 per sq.ft, with the median value being Rs 6,600 per sq.ft. The guideline value for Gandhi Lane is below this median.

• Gandhipuram 1 Cross Street: Rs 4,400 per sq.ft (2024)
• Gandhipuram 2 Cross Street: Rs 4,400 per sq.ft (2024)
• Gandhipuram 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Gandhipuram 3 Street West To East: Rs 4,400 per sq.ft (2024)
• Flower Street: Rs 12,100 per sq.ft (2024)
• Gandhi Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Lane?

The Sub Registrar Office that covers Gandhi Lane is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Mambalam. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring transparency in property dealings.

When a property is registered, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial implications of their transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Gandhi Lane?

The current guideline value of Gandhi Lane is Rs 4,400 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 703 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing an overall increase of 526%.

What is the land classification for Gandhi Lane?

The land classification for Gandhi Lane is Residential Class III Type - III.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for Gandhi Lane located?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.