Guideline Value for Gandhi Street

Gandhi Street guideline value

The current guideline value of Gandhi Street in Kottivakkam village, under the Adayar SRO, is Rs 3,300 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 of Gandhi Street has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 2,200 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012. However, it then decreased to Rs 2,010 per sq.ft in 2017. The 2023 revision marked a significant increase to Rs 3,000 per sq.ft, followed by a further increase to the current value of Rs 3,300 per sq.ft in 2024.

Between the revisions, the changes were notable. The increase from 2017 to 2023 was +49%, while the value decreased by -33% from 2012 to 2017. The value rose by +36% from 2007 to 2012. Overall, from 2007 to 2024, the guideline value has increased by +50%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Kottivakkam

In Kottivakkam, there are 284 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 8,500 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value of Gandhi Street is below this median.

• Gandhi Nagar Main Road: Rs 1,700 per sq.ft (2024)
• Gandhi Nagar 2nd Street: Rs 1,700 per sq.ft (2024)
• Gandhi Nagar 1st Street: Rs 1,700 per sq.ft (2024)
• Elango Nagar Canal Road: Rs 1,700 per sq.ft (2024)
• Elango Nagar: Rs 3,300 per sq.ft (2024)
• ECR New Street: Rs 5,500 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

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 Kottivakkam

The guideline value is an essential factor in property transactions in Kottivakkam, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

It is crucial for buyers and sellers to be aware of the guideline value, as it can significantly impact the overall costs associated with property transactions. Ensuring that the property is registered at or above the guideline value protects both parties in the transaction.

Frequently asked questions

What is the current guideline value of Gandhi Street?

The current guideline value of Gandhi Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, with several revisions in between. The most significant increase occurred from 2017 to 2023, where it rose by 49%.

What is the land classification for Gandhi Street?

Gandhi Street falls under the Residential Class III Type - I land classification, which is relevant for property registration and valuation purposes.

What are the stamp duty and registration fees for property in Gandhi Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000. These fees are based on the guideline value.

Where is the Sub Registrar Office for Gandhi Street located?

The Sub Registrar Office covering Gandhi Street is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. This office handles the registration of properties in the area.