Guideline Value for Gandhi Street 2nd Cross Street

Gandhi Street 2nd Cross Street guideline value

The current guideline value of Gandhi Street 2nd Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - II.

How the guideline value of Gandhi Street 2nd Cross Street has changed

Over the years, the guideline value for Gandhi Street 2nd Cross Street has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft. This was followed by a decrease in the 2017 revision, which brought the value down to Rs 1,675 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, marking a 49% rise. The most recent revision in 2024 raised the value to Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

The register has no figure for this street in the years 2002, 2003, and 2007. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

Chitlapakkam village has a total of 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, placing Gandhi Street 2nd Cross Street's 2024 value above this median.

• Gandhi Street 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Gandhi Street: Rs 2,750 per sq.ft (2024)
• Ganga Narayanan St: Rs 1,650 per sq.ft (2024)
• Gangusamy Street: Rs 1,650 per sq.ft (2024)
• Gandhi Avenue: Rs 1,100 per sq.ft (2024)
• G.D. Naidu 1st cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Street 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Street 2nd Cross Street?

The Sub Registrar Office that covers Gandhi Street 2nd Cross Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.

You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable fees. This value is used to ensure transparency and fairness in property transactions, as it reflects the official valuation set by the government.

Frequently asked questions

What is the current guideline value of Gandhi Street 2nd Cross Street?

The current guideline value of Gandhi Street 2nd Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification of Gandhi Street 2nd Cross Street?

Gandhi Street 2nd Cross Street is classified as Residential Class I Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Gandhi Street 2nd Cross Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,50,000, the stamp duty at 7% would be Rs 1,92,500.