Guideline Value for GANDHI STREET

Gandhi Street guideline value

The current guideline value of Gandhi Street in Vengaivasal village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Selaiyur SRO and is classified as Industries Special Type - I.

How the guideline value of Gandhi Street has changed

The guideline value for Gandhi Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision, reflecting a decrease of 33%. However, this was followed by a significant increase to Rs 3,000 per sq.ft in the 2023 revision, and the current value is Rs 3,300 per sq.ft as of the 2024 revision, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a substantial increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. Notably, there are no figures available in the register for the years 2002, 2003, and 2007 for this street.

Guideline values in Vengaivasal

In Vengaivasal, there are 117 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 4,800 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, making Gandhi Street's 2024 value of Rs 3,300 per sq.ft higher than the median.

• Gandhi Nagar Extension: Rs 2,700 per sq.ft (2024)
• Gangai Amman Koil Street: Rs 2,700 per sq.ft (2024)
• Gandhi Nagar: Rs 2,700 per sq.ft (2024)
• Garden Homes: Rs 2,700 per sq.ft (2024)
• Gayathri Nagar: Rs 3,300 per sq.ft (2024)
• G.D Nagar: Rs 2,750 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can 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 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 information.

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

The guideline value is a crucial factor when buying or selling property in Vengaivasal. It serves as a reference point for determining the minimum price at which a property can be registered. This ensures that the transaction is transparent and that the government receives the appropriate stamp duty and registration fees based on the guideline value.

When a property is sold, the buyer and seller must agree on a sale price that meets or exceeds the guideline value. If the sale price is lower than the guideline value, the higher amount will be used to calculate the applicable duties and fees, ensuring compliance with the regulations set by the registration department.

Frequently asked questions

What is the current guideline value of Gandhi Street?

The current guideline value of Gandhi Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, with notable changes in between, including a decrease in 2017.

What is the land classification for Gandhi Street?

Gandhi Street is classified as Industries Special Type - I, which indicates its suitability for industrial purposes.

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

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Which office handles property registrations for Gandhi Street?

The Selaiyur Sub Registrar Office handles property registrations for Gandhi Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.