Guideline Value for Gandhi Street

Gandhi Street guideline value

The current guideline value of Gandhi Street in Kovilambakkam village is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and 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 significant changes over the years. The earliest recorded figure is from 2002, where the value was Rs 79 per sq.ft. This increased to Rs 99 per sq.ft in 2003, marking a 25% rise. The value continued to rise to Rs 350 per sq.ft in 2007, representing a 254% increase from the previous year. In 2012, the guideline value was recorded at Rs 2,000 per sq.ft, which was a substantial increase of 471% from 2007. However, this was followed by a decrease to Rs 1,340 per sq.ft in 2017, a drop of 33%.

From 2017 to 2023, the guideline value increased significantly to Rs 2,000 per sq.ft, marking a 49% rise. The most recent revision in 2024 set the value at Rs 2,160 per sq.ft, an 8% increase from the previous year. There are no figures available for the years not listed in the register for this street.

Guideline values in Kovilambakkam

Kovilambakkam village has a total of 61 streets under the Pallavaram SRO, with 2024 guideline values ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Gandhi Street's 2024 figure below this median.

• Gandhi Nagar: Rs 1,320 per sq.ft (2024)
• Ganapathy Nagar 1 To 5 Streets: Rs 2,750 per sq.ft (2024)
• Ganapathi Nagar: Rs 2,750 per sq.ft (2024)
• Durakaiyamman Salai: Rs 2,200 per sq.ft (2024)
• Indrajit Avenue: Rs 2,750 per sq.ft (2024)
• Chinna Kovilambakkam 6 To 14 Streets: 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 2,160 per sq.ft, the total guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total cost for these fees to Rs 1,94,400. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandhi Street?

The Sub Registrar Office that covers Gandhi Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Kovilambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which affects the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Gandhi Street?

The current guideline value of Gandhi Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 79 in 2002 to Rs 2,160 in 2024, showing an overall increase of 2,634% over the years.

What is the land classification for Gandhi Street?

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

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

The Sub Registrar Office for Gandhi Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, on a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 1,94,400.