Guideline Value for GANDHI STREET

Gandhi Street guideline value

The current guideline value of Gandhi Street in Padi village, under the Villivakkam SRO, is Rs 5,400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Gandhi Street has changed

The guideline value for Gandhi Street has seen significant changes over the years. In 2002, the guideline value was Rs 333 per sq.ft. This figure increased to Rs 375 per sq.ft in 2003, marking a change of +13%. Following this, the value surged to Rs 850 per sq.ft in 2007, which was a substantial increase of +127%. The value then rose dramatically to Rs 5,000 per sq.ft in 2012, reflecting an increase of +488%. However, it decreased to Rs 3,350 per sq.ft in 2017, showing a decline of -33%. The guideline value then increased to Rs 5,000 per sq.ft in 2023, with a rise of +49%, before reaching the current value of Rs 5,400 per sq.ft in 2024, an increase of +8%.

There are no figures available for the revisions in the years not mentioned. The overall change from 2002 to 2024 is an impressive +1522%, highlighting the significant growth in the guideline value over the years.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 3,800 per sq.ft, placing Gandhi Street's current value above this median.

• Gandhi Nagar: Rs 5,400 per sq.ft (2024)
• Geethanjali Flats (7th Avenue): Rs 13,100 per sq.ft (2024)
• Gem Flats (Mogappair Road): Rs 9,900 per sq.ft (2024)
• Five Star Appartments (Padikuppam Road): Rs 6,600 per sq.ft (2024)
• GOLDEN JUBLIEE APPARTMENTS (Padikuppam Road): Rs 6,600 per sq.ft (2024)
• GOODWILL APPARTMENTS (Mogappir Road): Rs 9,900 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 5,400 per sq.ft, the total guideline value would be Rs 54,00,000. The stamp duty at 7% would amount to Rs 3,78,000, and the registration fee at 2% would be Rs 1,08,000, bringing the total to Rs 4,86,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, 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 Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the duty is charged on the higher of the two. This ensures that the government receives the appropriate revenue based on 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 5,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 333 per sq.ft in 2002 to Rs 5,400 per sq.ft in 2024, reflecting an overall increase of +1522% over this period.

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 a property in Gandhi Street?

For a property valued at Rs 54,00,000, the stamp duty would be Rs 3,78,000 and the registration fee would be Rs 1,08,000, totaling Rs 4,86,000.

Which office handles the registration for Gandhi Street?

The Villivakkam Sub Registrar Office handles the registration for Gandhi Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.