Guideline Value for GANDHI STREET

Gandhi Street guideline value

The current guideline value of Gandhi Street in Mambalam village, under the Thiyagaraya nagar SRO, is Rs 7,700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - II land classification.

How the guideline value of Gandhi Street has changed

The guideline value for Gandhi Street has seen significant changes over the years. The earliest recorded revision was in 2002, with a guideline value of Rs 703 per sq.ft. This value increased to Rs 780 per sq.ft in 2003, marking an 11% rise. The following revisions continued this upward trend, with the value jumping to Rs 2,024 per sq.ft in 2007, a substantial increase of 159%. In 2012, the guideline value was Rs 7,000 per sq.ft, reflecting a significant increase of 246% from the previous revision.

From 2012 to 2017, the value decreased to Rs 4,690 per sq.ft, a drop of 33%. However, the following years saw a resurgence, with the value rising to Rs 7,000 per sq.ft in 2023, and then to the current Rs 7,700 per sq.ft in 2024, which is a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 995%.

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. The median guideline value for these streets is Rs 6,600 per sq.ft, placing Gandhi Street's 2024 figure above this median.

• Gandhi Street 2 Lane: Rs 4,400 per sq.ft (2024)
• Gandhi Street Western Side Easwaran Koil Street East To West: Rs 6,600 per sq.ft (2024)
• Gandhipuram 3 Street West To East: Rs 4,400 per sq.ft (2024)
• Gandhipuram 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Gandhipuram 2 Cross Street: Rs 4,400 per sq.ft (2024)
• Gandhipuram 1 Cross Street: Rs 4,400 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 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total fees to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Gandhi Street?

The Sub Registrar Office covering Gandhi Street 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 plays a crucial role in the registration process when buying or selling property in Mambalam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value for taxation purposes.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Gandhi Street?

The current guideline value of Gandhi Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 703 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, marking an overall increase of 995% over the years.

What is the land classification of Gandhi Street?

Gandhi Street is classified as Residential Class I Type - II, which indicates its suitability for residential development.

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

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which Sub Registrar Office covers Gandhi Street?

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