Guideline Value for GANDHI MAIN ROAD

Gandhi Main Road guideline value

The current guideline value of Gandhi Main Road is Rs 1,540 per sq.ft, effective from 1 July 2024. This road is located in Medavakkam village under the Chennai South Joint I SRO, classified as Residential Class IV Type - I.

How the guideline value of Gandhi Main Road has changed

The guideline value for Gandhi Main Road has undergone several revisions over the years. In 2012, the value was set at Rs 1,400 per sq.ft. This figure saw a decrease to Rs 938 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 1,400 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 1,540 per sq.ft, reflecting a 10% rise from the previous year.

There are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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 Main Road is below this median.

• Gandhi 2nd Cross Street: Rs 1,540 per sq.ft (2024)
• Gandhi 1st Cross Street: 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)
• Gandhi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Main Road

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, making the total cost for these fees 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 Main Road?

The Sub Registrar Office that covers Gandhi Main Road 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. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Medavakkam, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with registration regulations.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are essential costs in the property transfer process. This ensures that all transactions are recorded accurately and in accordance with legal requirements.

Frequently asked questions

What is the current guideline value of Gandhi Main Road?

The current guideline value of Gandhi Main Road is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

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

What are the stamp duty and registration fees for properties on Gandhi Main Road?

For a 1,000 sq.ft plot, the stamp duty would be Rs 1,07,800, and the registration fee would be Rs 30,800, totaling Rs 1,38,600 based on the current guideline value.

Which office handles registrations for Gandhi Main Road?

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

What is the land classification for Gandhi Main Road?

Gandhi Main Road is classified as Residential Class IV Type - I according to the guideline value register.