Guideline Value for GANDHI STREET

Gandhi Street guideline value

The current guideline value of Gandhi Street in Okkiyamthuraipakkam village, under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Gandhi Street has changed

The guideline value for Gandhi Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the most recent 2024 revision has set it at Rs 1,700 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

Between the revisions, there have been notable changes. From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The jump from 2023 to 2024 represents a 13% increase. Overall, from 2012 to 2024, the guideline value has increased by 13%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Gandhi Street's 2024 figure below this median.

• Ganesh Nagar: Rs 2,200 per sq.ft (2024)
• Ganesh Nagar 1 St Street: Rs 2,200 per sq.ft (2024)
• Ganesh Nagar 2 Nd Street: Rs 2,200 per sq.ft (2024)
• Ganesh Nagar 3 Rd Street: Rs 2,200 per sq.ft (2024)
• Ganesh Nagar 4 Th Street: Rs 2,200 per sq.ft (2024)
• Ganesh Nagar 5 Th Street: Rs 2,200 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 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Street?

The Sub Registrar Office that covers Gandhi Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It helps determine the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is sold, the sale price or the guideline value, whichever is higher, will be used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions, reflecting the 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 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What is the land classification for Gandhi Street?

Gandhi Street is classified as Residential Class III Type - I.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,700 per sq.ft incurs a total fee of Rs 1,53,000.

Which office handles registrations for Gandhi Street?

The Neelankarai Sub Registrar Office handles registrations for Gandhi Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.