Guideline Value for GANDHI STREET

Gandhi Street guideline value

The current guideline value of Gandhi Street, located in Saidapet village, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Gandhi Street has changed

The guideline value for Gandhi Street has seen several revisions over the years. In 2002, the value was Rs 705 per sq.ft, which increased to Rs 883 per sq.ft in 2003, marking a rise of 25%. The value then surged significantly to Rs 2,100 per sq.ft in 2007, reflecting an increase of 138%. Following this, in 2012, the value was recorded at Rs 4,000 per sq.ft, which was a notable rise of 90% from the previous revision. However, the value dropped to Rs 2,680 per sq.ft in 2017, a decrease of 33%. The subsequent revision in 2023 saw the value rise again to Rs 4,000 per sq.ft, and the most recent revision in 2024 has set the guideline value at Rs 4,400 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 524%. There are no figures available for the revisions in years other than those specified.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is the same as the current value for Gandhi Street.

• Geenis Road: Rs 8,800 per sq.ft (2024)
• Ekkattuthangal Road: Rs 8,250 per sq.ft (2024)
• East Kulakkarai Street: Rs 3,300 per sq.ft (2024)
• Gulabchand Bora Street: Rs 4,400 per sq.ft (2024)
• Duraisamy Naicken Street: Rs 3,300 per sq.ft (2024)
• Duraisamy Garden Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Street

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. Together, the total cost for stamp duty and registration fee would be 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 Street?

The Sub Registrar Office that covers Gandhi Street is the Chennai South Joint II 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Saidapet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used for calculating the applicable duties. This ensures that the registration fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Gandhi Street?

The current guideline value of Gandhi Street 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 from Rs 705 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 524% over the years.

What is the land classification of Gandhi Street?

Gandhi Street is classified as Residential Class II Type - II under the Chennai South Joint II SRO.

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

For a property valued at the current guideline value of 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 can I find the Sub Registrar Office for Gandhi Street?

The Sub Registrar Office for Gandhi Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.