Guideline Value for Gandhi Road

Gandhi Road guideline value

The current guideline value of Gandhi Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Gandhi Road has changed

Over the years, the guideline value of Gandhi Road has seen several revisions. The earliest recorded figure is from 2002, where the guideline value was Rs 475 per sq.ft. This increased to Rs 533 per sq.ft in 2003, marking a rise of 12%. The value then surged significantly to Rs 2,200 per sq.ft in 2007, an increase of 313%. Following this, the guideline value rose to Rs 4,000 per sq.ft in 2012, reflecting an 82% increase. However, it decreased to Rs 2,680 per sq.ft in 2017, showing a decline of 33%. The value then increased to Rs 4,000 per sq.ft in 2023, followed by a further increase to Rs 4,400 per sq.ft in 2024, which is a 10% rise.

In summary, from 2002 to 2024, the guideline value has increased by 826%. The register has no figures for the years between these revisions.

Guideline values in Velachery

In Velachery village, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the current figure for Gandhi Road.

• Gandhi Road, Natrajan Street: Rs 4,400 per sq.ft (2024)
• Gandhi Salai: Rs 4,400 per sq.ft (2024)
• Gandhi Salai (Bharathiyar Street): Rs 4,950 per sq.ft (2024)
• Gandhi Salai Car Street: Rs 4,400 per sq.ft (2024)
• Gandhi Salai Kamarajar Street: Rs 4,400 per sq.ft (2024)
• Gandhi Salai Karnam Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Road

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, these fees total Rs 3,96,000. Please 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 further calculations.

Which Sub Registrar Office covers Gandhi Road?

The Sub Registrar Office that covers Gandhi Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it directly impacts the stamp duty and registration fees payable during the transaction.

When registering a property, the applicable stamp duty is calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Gandhi Road?

The current guideline value of Gandhi Road 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 increased from Rs 475 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 826% over this period.

What is the classification of land on Gandhi Road?

Gandhi Road is classified as Residential Class II Type - II under the Velacheri SRO.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Gandhi Road is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Gandhi Road located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.