Guideline Value for Gandhi Street 3rd Lane

Gandhi Street 3rd Lane guideline value

The current guideline value of Gandhi Street 3rd 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 is classified as Residential Class I Type - I.

How the guideline value of Gandhi Street 3rd Lane has changed

The guideline value for Gandhi Street 3rd Lane has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 898 per sq.ft. This amount changed to Rs 91 per sq.ft in 2003, marking a decrease of 90%. Following this, the value increased significantly to Rs 400 per sq.ft in 2007, an increase of 340%. The value further rose to Rs 1,500 per sq.ft in 2012, reflecting a 275% increase. However, it saw a decrease to Rs 1,005 per sq.ft in 2017, a drop of 33%. The value then rose to Rs 1,500 per sq.ft in 2023, followed by another increase to the current figure of Rs 1,650 per sq.ft in 2024, which is a rise of 10%.

There are no figures available for the revisions in years other than those specified. The overall change from 2002 to 2024 shows an increase of 84% in the guideline value.

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, placing the current value of Gandhi Street 3rd Lane above this median.

• Gandhi Street 2nd Street: Rs 1,650 per sq.ft (2024)
• Gandhi Street 2nd 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 3rd 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 cost together to Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Street 3rd Lane?

The Sub Registrar Office that covers Gandhi Street 3rd 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 plays a crucial role in the registration of property transactions in Puzhal. It serves as a benchmark for determining the minimum value at which property can be registered. When a buyer and seller agree on a sale price, the registration office will assess the guideline value to ensure that the transaction is in line with the prevailing rates.

In the event that the sale price is lower than the guideline value, the higher amount will be used for calculating stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gandhi Street 3rd Lane?

The current guideline value of Gandhi Street 3rd 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, reflecting an overall increase of 84%.

What is the registration office for Gandhi Street 3rd Lane?

The registration office for Gandhi Street 3rd Lane is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in this area?

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

What other streets in Puzhal have the same guideline value?

Other streets in Puzhal with the same guideline value of Rs 1,650 per sq.ft include Gandhi Street 2nd Street, Gandhi Street 2nd Lane, Gandhi Street First Lane, Gandhi Street Pradhana Salai, Gangadaran Street, and Gangadharan 1st Street.