Guideline Value for Gandhi Street

Gandhi Street guideline value

The current guideline value of Gandhi Street in Chitlapakkam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - II.

How the guideline value of Gandhi Street has changed

The guideline value of Gandhi Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, an increase from Rs 2,500 per sq.ft in 2023, reflecting a 10% rise. Prior to that, in 2017, the value was Rs 1,675 per sq.ft, indicating a significant increase of 49% to the 2023 figure. The 2012 revision also recorded a value of Rs 2,500 per sq.ft, which was a decrease of 33% from the 2017 figure.

There are no figures available for the revisions in 2002, 2003, and 2007 for Gandhi Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Gandhi Street's 2024 value above this median.

• Gandhi Street 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Gandhi Street 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Ganga Narayanan St: Rs 1,650 per sq.ft (2024)
• Gangusamy Street: Rs 1,650 per sq.ft (2024)
• Gandhi Avenue: Rs 1,100 per sq.ft (2024)
• G.D. Naidu 1st 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 2,750 per sq.ft, the total guideline value amounts to 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 costs 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. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhi Street?

The Sub Registrar Office that covers Gandhi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Chitlapakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that these costs are based on an official valuation.

It is essential for buyers and sellers to be aware of the current guideline value, as it influences the overall cost of the transaction. Understanding this value helps in making informed decisions during property dealings in the region.

Frequently asked questions

What is the current guideline value of Gandhi Street?

The current guideline value of 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 increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, with several revisions occurring in between.

What is the land classification for Gandhi Street?

Gandhi Street is classified as Residential Class I Type - II under the relevant regulations.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the minimum registration value, which in turn influences the stamp duty and registration fees that must be paid.

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

The Sub Registrar Office for Gandhi Street is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Tambaram Joint 1 SRO.