Guideline Value for Gandhi Irwin Road

Gandhi Irwin Road guideline value

The current guideline value of Gandhi Irwin Road is Rs 22,000 per sq.ft, effective from 1 July 2024. This road is located in Vepery village under the Periamet Sub Registrar Office (SRO) and is classified as Commercial Special Type - I.

How the guideline value of Gandhi Irwin Road has changed

The guideline value for Gandhi Irwin Road has seen significant changes over the years. In 2007, the value was Rs 4,000 per sq.ft, which increased to Rs 20,000 per sq.ft in 2012, marking a 400% rise. However, from 2012 to 2017, the value decreased to Rs 13,400 per sq.ft, a decline of 33%. The subsequent revisions saw the value rise again to Rs 20,000 per sq.ft in 2023, and then to Rs 22,000 per sq.ft in 2024, representing a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 450%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median of Rs 4,800 per sq.ft. The guideline value of Gandhi Irwin Road is above this median.

• Flower Mills Road 2nd cross street: Rs 2,700 per sq.ft (2024)
• Flower Mills Road 1st cross street: Rs 2,700 per sq.ft (2024)
• Flower Mills Road: Rs 2,700 per sq.ft (2024)
• E.V.K.Sampth lane: Rs 14,300 per sq.ft (2024)
• E.V.K.Sampath Road (or) Rundalls Road: Rs 14,300 per sq.ft (2024)
• Ellavaram Veerasamy Street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Irwin Road

For a 1,000 sq.ft plot at the current rate of Rs 22,000 per sq.ft, the guideline value amounts to Rs 2,20,00,000. The stamp duty at 7% would be Rs 15,40,000, and the registration fee at 2% would be Rs 4,40,000, totaling Rs 19,80,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Irwin Road?

The Sub Registrar Office that covers Gandhi Irwin Road is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions as it determines the amount of stamp duty and registration fees that need to be paid. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the applicable duties. This means that the higher of the guideline value or the sale price will be used to determine the stamp duty and registration fees, ensuring that all transactions are accurately recorded and taxed.

Frequently asked questions

What is the current guideline value of Gandhi Irwin Road?

The current guideline value of Gandhi Irwin Road is Rs 22,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2007 to Rs 22,000 per sq.ft in 2024, reflecting an overall increase of 450% over this period.

What is the land classification of Gandhi Irwin Road?

Gandhi Irwin Road is classified as Commercial Special Type - I under the guideline value register.

Where can I find the Sub Registrar Office for Gandhi Irwin Road?

The Sub Registrar Office for Gandhi Irwin Road is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for properties on Gandhi Irwin Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty and registration fees would amount to Rs 19,80,000.