Guideline Value for Gandhi Street

Gandhi Street guideline value

The current guideline value of Gandhi Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Gandhi Street has changed

The guideline value register for Gandhi Street shows no figures for the years 2002, 2003, 2007, 2012, 2017, and 2023. The most recent revision, effective from 1 July 2024, sets the guideline value at Rs 2,200 per sq.ft.

There have been no changes between the revisions listed above, with the current figure being the only one available for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for the area is Rs 2,750 per sq.ft, placing Gandhi Street's 2024 figure below this median.

• Gandhi Nagar (Shanthi Nagar) Main Road: Rs 2,200 per sq.ft (2024)
• Ganesh Nagar 10th Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Ganesh Nagar 3rd Cross Street: Rs 2,750 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% is Rs 1,54,000, and the registration fee at 2% is Rs 44,000, bringing the total costs together to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Gandhi Street?

The Sub Registrar Office that covers Gandhi Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in property transactions in Madipakkam-1. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property in the area.

When registering a property, the guideline value is considered the minimum value for taxation purposes. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, ensuring that the appropriate fees are collected based on the property's value.

Frequently asked questions

What is the current guideline value of Gandhi Street?

The current guideline value of Gandhi Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

What is the land classification for Gandhi Street?

Gandhi Street falls under the Residential Class II Type - I land classification.

How many streets are there in Madipakkam-1?

There are a total of 1823 streets in Madipakkam-1 under the Velacheri SRO, each with its own guideline value.

What is the median guideline value in Madipakkam-1?

The median guideline value for Madipakkam-1 is Rs 2,750 per sq.ft, which is above the current value of Gandhi Street.

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

The Sub Registrar Office for Gandhi Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.