Guideline Value for Gandhimathi 1st Lane (Vetri Nagar Extension)

Gandhimathi 1st Lane (Vetri Nagar Extension) guideline value

The current guideline value of Gandhimathi 1st Lane (Vetri Nagar Extension) is Rs 3,301 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village under the Sembiam SRO, classified as Residential Special Type - II.

How the guideline value of Gandhimathi 1st Lane (Vetri Nagar Extension) has changed

The guideline value for Gandhimathi 1st Lane has undergone several revisions over the years. The earliest recorded value was Rs 1,000 per sq.ft in 2007, which increased significantly to Rs 3,000 per sq.ft in 2012. However, this figure saw a decrease to Rs 2,010 per sq.ft in 2017. Following this, the value surged to Rs 3,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 3,301 per sq.ft. The revisions for the years 2002 and 2003 do not have figures available for this street.

From 2017 to 2023, the guideline value increased by 49%. The 2023 to 2024 revision saw a 10% increase. Notably, the value jumped by 200% from 2007 to 2012, and overall, from 2007 to 2024, there has been a 230% increase in the guideline value.

Guideline values in Peravallur

In Peravallur village, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median value for these streets is Rs 3,301 per sq.ft, which is equal to the guideline value of Gandhimathi 1st Lane.

• Gandhimathi 2nd Lane (Vetri Nagar Extension): Rs 3,301 per sq.ft (2024)
• Gandhimathi Street (Vetri Nagar Extension): Rs 3,300 per sq.ft (2024)
• E.S.I. Hospital Street: Rs 3,301 per sq.ft (2024)
• Elumalai Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Elumalai Street (George Colony): Rs 4,200 per sq.ft (2024)
• George Colony: Rs 4,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhimathi 1st Lane (Vetri Nagar Extension)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,301 per sq.ft, the total guideline value amounts to Rs 33,01,000. The stamp duty at 7% would be Rs 2,31,070, and the registration fee at 2% would be Rs 66,020, bringing the total cost to Rs 2,97,090. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gandhimathi 1st Lane (Vetri Nagar Extension)?

The Sub Registrar Office that covers Gandhimathi 1st Lane (Vetri Nagar Extension) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Peravallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately according to government regulations.

When a buyer or seller engages in a property transaction, the guideline value helps in calculating the applicable stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and must be paid based on the higher of the guideline value or the agreed sale price.

Frequently asked questions

What is the current guideline value of Gandhimathi 1st Lane?

The current guideline value of Gandhimathi 1st Lane (Vetri Nagar Extension) is Rs 3,301 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 1,000 per sq.ft to Rs 3,301 per sq.ft as of 2024. Significant changes include a 200% increase from 2007 to 2012 and a 49% increase from 2017 to 2023.

What is the land classification for Gandhimathi 1st Lane?

Gandhimathi 1st Lane is classified as Residential Special Type - II under the Sembiam SRO.

What is the stamp duty rate in Peravallur?

The stamp duty rate in Peravallur is 7% of the guideline value or the sale price, whichever is higher. This applies to property transactions in the area.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles the registration of properties in the area.