Guideline Value for Gandhi Salai

Gandhi Salai guideline value

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

How the guideline value of Gandhi Salai has changed

The guideline value for Gandhi Salai has seen several revisions over the years. In 2002, the value was Rs 236 per sq.ft, which increased significantly to Rs 320 per sq.ft in 2003, marking a 36% rise. The value continued to climb, reaching Rs 1,800 per sq.ft in 2007, a remarkable increase of 463%. The 2012 revision saw the value at Rs 4,000 per sq.ft, which was a decrease of 33% from the previous revision. In 2017, the guideline value rose to Rs 2,680 per sq.ft, followed by a significant increase to Rs 4,000 per sq.ft in 2023, and finally reaching Rs 4,400 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,764%. The register has no figure for the years not mentioned above.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median value of Rs 3,850 per sq.ft. The guideline value of Gandhi Salai is above this median.

• Gandhi Road: Rs 4,400 per sq.ft (2024)
• Gandhi Street: Rs 4,400 per sq.ft (2024)
• Gandhi Nagar: Rs 4,400 per sq.ft (2024)
• Gandhi Market: Rs 4,400 per sq.ft (2024)
• Fisherman Street: Rs 2,750 per sq.ft (2024)
• Ex-Serviceman Colony 1st To 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Salai

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 be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total charges to Rs 3,96,000. 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 Salai?

The Sub Registrar Office that covers Gandhi Salai is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is used to determine the minimum price at which a property can be registered. When buying or selling property in Parangimalai, the guideline value serves as a benchmark for calculating stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value, as it affects the overall cost of property transactions. The registration process requires adherence to these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Gandhi Salai?

The current guideline value of Gandhi Salai 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 236 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1,764% over the years.

What is the land classification for Gandhi Salai?

Gandhi Salai is classified as Residential Class I Type - II.

What are the other streets in Parangimalai with similar guideline values?

Other streets in Parangimalai with a guideline value of Rs 4,400 per sq.ft include Gandhi Road, Gandhi Street, Gandhi Nagar, and Gandhi Market.

How is stamp duty calculated for properties in Gandhi Salai?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty at 7% would be Rs 3,08,000.