Guideline Value for GANDHI STREET

Gandhi Street guideline value

The current guideline value of Gandhi Street in Chitthalapakkam village, under the Selaiyur SRO, is Rs 2,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Gandhi Street has changed

The guideline value for Gandhi Street has undergone several revisions over the years. In 2012, the guideline value was Rs 2,200 per sq.ft. This figure remained unchanged until the next revision in 2017, when it decreased to Rs 1,474 per sq.ft, marking a decline of 33%. Following this, the value saw a significant increase to Rs 2,200 per sq.ft in 2023, and further rose to Rs 2,400 per sq.ft in 2024, reflecting a 9% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, the guideline value increased by 49%. Overall, comparing the values from 2012 to 2024, there has been a net increase of 9%. This progression illustrates the fluctuations in the guideline value for Gandhi Street over the years.

Guideline values in Chitthalapakkam

In Chitthalapakkam, there are 107 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 5,000 per sq.ft. The median value for these streets is Rs 2,900 per sq.ft, placing Gandhi Street's 2024 figure below this median. Below are some of the other streets in Chitthalapakkam:

• Ezhil Nagar: Rs 2,700 per sq.ft (2024)
• Esco Nagar: Rs 1,600 per sq.ft (2024)
• Durgaiamman Koil Street: Rs 2,950 per sq.ft (2024)
• Dream Park Extension: Rs 3,300 per sq.ft (2024)
• Dream Park: Rs 2,700 per sq.ft (2024)
• Indira Nagar: Rs 2,700 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 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, while the registration fee at 2% would be Rs 48,000, bringing the total fees together to Rs 2,16,000. It is important to note that duty is charged on the higher of the guideline value and 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 Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during property transactions in Chitthalapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that buyers must pay when purchasing property in the area.

When selling property, the guideline value ensures that the sale price is aligned with government regulations, preventing undervaluation. Buyers and sellers should be aware of the guideline value to ensure compliance with local laws during the registration process.

Frequently asked questions

What is the current guideline value of Gandhi Street?

The current guideline value of Gandhi Street is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2012 to Rs 1,474 per sq.ft in 2017, then increased to Rs 2,200 per sq.ft in 2023, and finally to Rs 2,400 per sq.ft in 2024.

What is the land classification of Gandhi Street?

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

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

For a property valued at Rs 24,00,000, the stamp duty would be Rs 1,68,000, and the registration fee would be Rs 48,000, totaling Rs 2,16,000.

Where is the Sub Registrar Office for Gandhi Street located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.