Guideline Value for Gandhi Street 2nd Lane

Gandhi Street 2nd Lane guideline value

The current guideline value of Gandhi Street 2nd Lane is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Puzhal village under the Redhills SRO and falls under the Residential Class I Type - I land classification.

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

The guideline value for Gandhi Street 2nd Lane has undergone several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 898 per sq.ft. It then changed to Rs 91 per sq.ft in 2003, a significant decrease of 90%. The value increased to Rs 400 per sq.ft in 2007, marking a rise of 340%. In 2012, it was Rs 1,500 per sq.ft, showing a substantial increase of 275%. However, by 2017, it dropped to Rs 1,005 per sq.ft, reflecting a decrease of 33%. The value then rose to Rs 1,500 per sq.ft in 2023, followed by the current figure of Rs 1,650 per sq.ft in 2024, which is a 10% increase.

There are no figures available for any revisions prior to 2002 or after 2024 for this street in the register.

Guideline values in Puzhal

Puzhal village has a total of 270 streets under the Redhills SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 1,102 per sq.ft, positioning Gandhi Street 2nd Lane's 2024 figure above that median.

• Gandhi Street 2nd Street: Rs 1,650 per sq.ft (2024)
• Gandhi Street 3rd Lane: Rs 1,650 per sq.ft (2024)
• Gandhi Street First Lane: Rs 1,650 per sq.ft (2024)
• Gandhi Street Pradhana Salai: Rs 1,650 per sq.ft (2024)
• Gangadaran Street: Rs 1,650 per sq.ft (2024)
• Gangadharan 1st Street: Rs 1,650 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations based on your specific property details.

Which Sub Registrar Office covers Gandhi Street 2nd Lane?

The Sub Registrar Office that covers Gandhi Street 2nd Lane is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Puzhal. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value directly impacts the stamp duty and registration fees applicable during the transaction.

When engaging in a property transaction, it is essential to reference the latest guideline value to ensure compliance with local regulations. This value is used to calculate the fees that need to be paid to the registration office, making it a vital aspect of the buying and selling process.

Frequently asked questions

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

The current guideline value of Gandhi Street 2nd Lane is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 898 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, showing an overall increase of 84% over the years.

What is the registration office for Gandhi Street 2nd Lane?

The registration office for Gandhi Street 2nd Lane is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Puzhal?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 16,50,000 would incur a stamp duty of Rs 1,15,500 at 7%.

Are there other streets in Puzhal with the same guideline value?

Yes, several other streets in Puzhal have the same guideline value of Rs 1,650 per sq.ft in 2024, including Gandhi Street 2nd Street, Gandhi Street 3rd Lane, Gandhi Street First Lane, Gandhi Street Pradhana Salai, Gangadaran Street, and Gangadharan 1st Street.