Guideline Value for GANDHI STREET

Gandhi Street guideline value

The current guideline value of Gandhi Street in Perungudi village, under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Class III Type - I.

How the guideline value of Gandhi Street has changed

The guideline value of Gandhi Street has seen several revisions over the years. The earliest recorded figure is from 2002, at Rs 264 per sq.ft. This value increased to Rs 298 per sq.ft in 2003, marking a 13% rise. The following revision in 2007 saw a significant jump to Rs 600 per sq.ft, which is a 101% increase. In 2012, the value rose again to Rs 2,500 per sq.ft, reflecting a remarkable 317% change. However, in 2017, it decreased to Rs 1,675 per sq.ft, showing a decline of 33%. The value then increased to Rs 2,500 per sq.ft in 2023, followed by the current value of Rs 2,800 per sq.ft from the 2024 revision, which is a 12% increase.

Overall, from 2002 to 2024, the guideline value has increased by 961%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Gandhi Street is below this median.

• Ganapathy Nagar: Rs 3,300 per sq.ft (2024)
• Geeyem Avenue: Rs 3,300 per sq.ft (2024)
• Facit Asia Road: Rs 3,900 per sq.ft (2024)
• Errikkarai Street (Lake Salai): Rs 3,300 per sq.ft (2024)
• Elim Nagar Park West Street: Rs 3,300 per sq.ft (2024)
• Elim Nagar Park South 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 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use the 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 Perungudi

The guideline value plays a crucial role during the registration of property transactions in Perungudi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value is essential for both parties. It ensures that the transaction adheres to the legal requirements set by the government, and it helps in calculating the necessary fees based on the higher value between the guideline and the sale price.

Frequently asked questions

What is the current guideline value of Gandhi Street?

The current guideline value of Gandhi Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 264 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 961%.

What is the land classification for Gandhi Street?

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

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

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Where is the Sub Registrar Office for Gandhi Street located?

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