Guideline Value for Gandhi Street First Lane

Gandhi Street First Lane guideline value

The current guideline value of Gandhi Street First 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 First Lane has changed

The guideline value for Gandhi Street First Lane has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 1,040 per sq.ft. In 2003, it decreased to Rs 105 per sq.ft. The value then increased significantly to Rs 400 per sq.ft in 2007, followed by a substantial rise to Rs 1,500 per sq.ft in 2012. However, it decreased to Rs 1,005 per sq.ft in 2017. The 2023 revision saw an increase to Rs 1,500 per sq.ft, and the latest revision in 2024 has set the value at Rs 1,650 per sq.ft.

Between the revisions, there have been notable changes. From 2002 to 2003, the value dropped by 90%. The increase from 2003 to 2007 was 281%. The value then rose by 275% from 2007 to 2012. There was a decrease of 33% from 2012 to 2017. The value increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 59%.

Guideline values in Puzhal

Puzhal village has 270 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value is Rs 1,102 per sq.ft, placing Gandhi Street First Lane's 2024 figure above that median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be 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 for stamp duty and registration fees to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Street First Lane?

The Sub Registrar Office that covers Gandhi Street First 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 property transactions in Puzhal. It serves as a benchmark for determining the minimum value of a property during registration. When buying or selling property, it is essential to consider the guideline value to ensure compliance with registration requirements.

During the registration process, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Gandhi Street First Lane?

The current guideline value of Gandhi Street First 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 1,040 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, with several revisions in between. The most significant increase occurred from 2007 to 2012, with a rise of 275%.

What is the land classification for Gandhi Street First Lane?

Gandhi Street First Lane is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Gandhi Street First Lane?

The Sub Registrar Office for Gandhi Street First 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 property transactions?

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