Guideline Value for Gandhi Street

Gandhi Street guideline value

The current guideline value of Gandhi Street in Tharamani village, under the Adayar SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Gandhi Street has changed

The guideline value for Gandhi Street has seen several revisions over the years. In 2002, the value was Rs 159 per sq.ft, which increased to Rs 300 per sq.ft in 2003, marking an increase of 89%. The value continued to rise significantly, reaching Rs 1,000 per sq.ft in 2007, a 233% increase from the previous revision. However, from 2007 to 2012, the value decreased by 33% to Rs 2,500 per sq.ft. In 2017, the value rose again to Rs 1,675 per sq.ft, and then it saw a substantial increase to Rs 2,500 per sq.ft in 2023, before reaching the current value of Rs 2,800 per sq.ft in 2024, which is a 12% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1661%. There are no figures available for the revisions in years other than those listed.

Guideline values in Tharamani

In Tharamani, there are 78 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 8,800 per sq.ft, with a median value of Rs 2,800 per sq.ft. The guideline value of Gandhi Street aligns with this median.

• Emmanuel Street: Rs 1,700 per sq.ft (2024)
• Elango Street: Rs 2,800 per sq.ft (2024)
• Govindu Street: Rs 2,800 per sq.ft (2024)
• Indira Gandhi Street: Rs 2,800 per sq.ft (2024)
• Janda Street: Rs 2,800 per sq.ft (2024)
• Cholamannan Street: Rs 2,200 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 amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total cost for these fees to Rs 2,52,000. 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 Tharamani

The guideline value is a crucial factor in the registration process when buying or selling property in Tharamani. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware that the guideline value can affect the overall cost of the property transaction.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty and registration fees. This ensures that the fees reflect the true value of the property being transferred.

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 from Rs 159 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1661% over this period.

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

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which Sub Registrar Office is responsible for Gandhi Street?

The Adayar Sub Registrar Office is responsible for Gandhi Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

What is the land classification of Gandhi Street?

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