Guideline Value for Gandhi Street

Gandhi Street guideline value

The current guideline value of Gandhi Street in Kanagam village, under the Adayar SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Gandhi Street has changed

The guideline value for Gandhi Street has seen significant changes over the years. The earliest recorded figure is from 2002, where the value was Rs 300 per sq.ft. This value increased to Rs 450 per sq.ft in 2003, marking a 50% rise. By 2007, the guideline value jumped to Rs 800 per sq.ft, reflecting a 78% increase. The value then experienced a substantial increase to Rs 2,500 per sq.ft in 2012, which was a 213% rise from the previous revision.

In 2017, the guideline value decreased to Rs 1,675 per sq.ft, a drop of 33%. However, this was followed by a significant increase to Rs 2,500 per sq.ft in 2023, which is a 49% rise. The most recent revision in 2024 set the guideline value at Rs 2,800 per sq.ft, an increase of 12% from the previous year. There are no recorded figures for any other years for this street.

Guideline values in Kanagam

In Kanagam village, there are 15 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 13,800 per sq.ft. The median value is Rs 2,800 per sq.ft, placing Gandhi Street's 2024 figure at this median level.

• Dr.Ambethkar Street: Rs 2,800 per sq.ft (2024)
• Canal Bank Road O.M.R from Madhya Kailash: Rs 13,800 per sq.ft (2024)
• Bharathiyar Street: Rs 2,800 per sq.ft (2024)
• Kanagam Road: Rs 3,900 per sq.ft (2024)
• Kattabomman Street: Rs 2,800 per sq.ft (2024)
• Bajanai Koil Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty, charged at 7%, would amount to Rs 1,96,000, while the registration fee at 2% would be Rs 56,000. Together, the total cost for stamp duty and registration fee would be Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Gandhi Street?

The Sub Registrar Office that covers Gandhi Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kanagam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers must be aware that the duty is charged based on the higher value between the guideline value and the sale price.

When a property is registered, the guideline value ensures that the transaction is recorded accurately and reflects the appropriate fees. This helps maintain transparency and legality in property transactions within the region.

Frequently asked questions

What is the current guideline value of Gandhi Street?

The current guideline value of Gandhi Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 300 per sq.ft in 2002 and reaching Rs 2,800 per sq.ft in 2024. There have been various increases and decreases in between, with the most recent increase being 12% from the previous year.

What is the land classification of Gandhi Street?

Gandhi Street is classified under Residential Class III Type - I, indicating its primary use for residential purposes.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a property with a guideline value of Rs 28,00,000 would incur a total fee of Rs 2,52,000.

Where is the Adayar Sub Registrar Office located?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. This office is responsible for property registrations in the area.