Guideline Value for Gandhi Street

Gandhi Street guideline value

The current guideline value of Gandhi Street in Nanganallur village, under the Alandur SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I 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 342 per sq.ft, which increased to Rs 389 per sq.ft in 2003, marking a growth of 14%. Following this, the value rose significantly to Rs 1,200 per sq.ft in 2007, reflecting a 208% increase. The value then continued to rise to Rs 4,000 per sq.ft in 2012, which represented a 233% increase from the previous revision. However, it decreased to Rs 2,680 per sq.ft in 2017, showing a decline of 33%.

From 2017 to 2023, the guideline value increased to Rs 4,000 per sq.ft, which was a substantial rise of 49%. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1187%.

Guideline values in Nanganallur

Nanganallur has 155 streets under the Alandur SRO, with guideline values ranging from Rs 2,800 to Rs 6,600 per sq.ft as of 2024. The median value for these streets is Rs 3,900 per sq.ft, placing Gandhi Street's 2024 figure above this median.

• Gandhi Road Lane: Rs 4,400 per sq.ft (2024)
• Ganapathi Street: Rs 2,800 per sq.ft (2024)
• First Main Road Part: Rs 4,400 per sq.ft (2024)
• Elangovadigal Street: Rs 3,300 per sq.ft (2024)
• Govindasamy Street: Rs 5,000 per sq.ft (2024)
• Gurunathan 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that 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 more details.

Which Sub Registrar Office covers Gandhi Street?

The Sub Registrar Office for Gandhi Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is essential in determining the stamp duty and registration fees when buying or selling property in Nanganallur. It serves as a benchmark for the valuation of properties and is used by the registration authorities to assess the applicable fees.

When a property transaction occurs, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the registration process is aligned with the official valuation set by the authorities.

Frequently asked questions

What is the current guideline value of Gandhi Street?

The current guideline value of Gandhi Street is Rs 4,400 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 342 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing an overall increase of 1187%.

What are the other streets in Nanganallur with their guideline values?

Other streets in Nanganallur include Gandhi Road Lane and First Main Road Part, both at Rs 4,400 per sq.ft, Ganapathi Street at Rs 2,800 per sq.ft, and Govindasamy Street at Rs 5,000 per sq.ft, among others.

What is the registration fee for property in Gandhi Street?

The registration fee for property in Gandhi Street is calculated based on the guideline value. For example, a property valued at Rs 44,00,000 would incur a registration fee of Rs 88,000 at 2%.

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

The Sub Registrar Office covering Gandhi Street is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.