Guideline Value for Gandhi Road Lane

Gandhi Road Lane guideline value

The current guideline value of Gandhi Road Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Nanganallur village, under the Alandur Sub Registrar Office (SRO). The land classification for this area is Residential Class I Type - I.

How the guideline value of Gandhi Road Lane has changed

The guideline value for Gandhi Road Lane has seen significant changes over the years. In the 2002 revision, the value was Rs 336 per sq.ft, which increased to Rs 382 per sq.ft in 2003, marking a 14% increase. The value then rose dramatically to Rs 1,200 per sq.ft in 2007, reflecting a 214% increase. Following this, the 2012 revision set the value at Rs 4,000 per sq.ft, which was a 233% increase from the previous figure.

In the subsequent revisions, the guideline value experienced fluctuations. The 2017 revision recorded a value of Rs 2,680 per sq.ft, a decrease of 33% from 2012. However, the value rebounded to Rs 4,000 per sq.ft in 2023, and then increased by 10% to the current value of Rs 4,400 per sq.ft in the 2024 revision. There are no figures available for revisions in years not listed.

Guideline values in Nanganallur

Nanganallur village has a total of 155 streets under the Alandur SRO, with guideline values for 2024 ranging from Rs 2,800 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, placing Gandhi Road Lane's current value above this median.

• Gandhi Street: Rs 4,400 per sq.ft (2024)
• Ganapathi Street: Rs 2,800 per sq.ft (2024)
• First Main Road Part: Rs 4,400 per sq.ft (2024)
• Elangovadigal Street: Rs 3,300 per sq.ft (2024)
• Govindasamy Street: Rs 5,000 per sq.ft (2024)
• Gurunathan Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Road Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be Rs 3,96,000. 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 Road Lane?

The Sub Registrar Office that covers Gandhi Road Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Nanganallur. It is used to determine the stamp duty and registration fees, which are essential costs in any property transaction. The guideline value ensures that the property is registered at a fair value as per the local regulations.

When a buyer or seller approaches the registration office, the guideline value is referenced to calculate the applicable fees. This ensures transparency and compliance with the legal requirements for property transactions in the region.

Frequently asked questions

What is the current guideline value of Gandhi Road Lane?

The current guideline value of Gandhi Road Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 336 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1210% over the years.

What is the land classification for Gandhi Road Lane?

The land classification for Gandhi Road Lane is Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value or sale price.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.