Guideline Value for Gandhi Street

Gandhi Street guideline value

The current guideline value of Gandhi Street in Virugambakkam village, under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class IV 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. In 2002, the value was Rs 591 per sq.ft, which increased to Rs 655 per sq.ft in 2003, marking an 11% rise. The value further rose to Rs 750 per sq.ft in 2007, reflecting a 15% increase. By 2012, the value had increased significantly to Rs 2,500 per sq.ft, a jump of 233%. However, in 2017, the value dropped to Rs 1,675 per sq.ft, which was a decrease of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 365%. There are no figures available for the revisions in the years not mentioned in this article.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Gandhi Street is below this median.

• GANDHI NAGAR - VOC Street: Rs 2,750 per sq.ft (2024)
• GANDHI NAGAR - Variar Street: Rs 2,750 per sq.ft (2024)
• GANDHI NAGAR - Vanniar Street: Rs 2,750 per sq.ft (2024)
• GANDHI NAGAR - Thamayanthi Street: Rs 2,750 per sq.ft (2024)
• GANDHI NAGAR - Selliamman Koil Street: Rs 2,750 per sq.ft (2024)
• GANDHI NAGAR - Pari 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 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering a property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction process.

At the time of registration, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Gandhi Street?

The current guideline value for Gandhi Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 591 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 365% over this period.

What is the land classification for Gandhi Street?

Gandhi Street is classified as Residential Class IV Type - II according to the land classification standards.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is currently set at 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Gandhi Street located?

The Sub Registrar Office for Gandhi Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.