Guideline Value for Gandhi Street

Gandhi Street guideline value

The current guideline value of Gandhi Street in Velachery village, under the Velacheri SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Gandhi Street has changed

The guideline value for Gandhi Street has seen several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which was then reduced to Rs 2,680 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 4,000 per sq.ft in the 2023 revision, and finally, it rose to Rs 4,400 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Looking at the changes, the value increased by 49% from 2017 to 2023. From 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Gandhi Street.

• Gandhi Salai Vinayagar Street: Rs 4,400 per sq.ft (2024)
• Gandhi Salai Venkatesan Street: Rs 4,400 per sq.ft (2024)
• Gandhi Salai Valllar Street (Vijaya Nagar): Rs 4,400 per sq.ft (2024)
• Gandhi Salai Vallalar Street: Rs 4,400 per sq.ft (2024)
• Gandhi Salai Throwpathy Amman Koil Main Street: Rs 4,400 per sq.ft (2024)
• Gandhi Salai Pond Street: Rs 4,400 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 fees to Rs 3,96,000. 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 more details on fees.

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 Velachery

When buying or selling property in Velachery, the guideline value plays a crucial role in determining the registration fees and stamp duty. Buyers must pay the stamp duty based on the guideline value or the sale price, whichever is higher, ensuring that the transaction is recorded accurately.

The guideline value is also used to assess the market value of properties in the area, providing a benchmark for both buyers and sellers during negotiations. It is essential to be aware of the current guideline value to ensure compliance with local regulations.

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 from Rs 4,000 in 2012 to Rs 2,680 in 2017, then to Rs 4,000 in 2023, and finally to Rs 4,400 in 2024. The most significant increase was between 2017 and 2023, which saw a 49% rise.

What are the stamp duty and registration fees for properties on Gandhi Street?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers Gandhi Street?

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

What is the land classification of Gandhi Street?

Gandhi Street falls under the Residential Class II Type - II land classification, indicating its suitability for residential purposes.