Guideline Value for Gandhimathi Street (Ward-1)

Gandhimathi Street (Ward-1) guideline value

The current guideline value of Gandhimathi Street (Ward-1) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Gandhimathi Street (Ward-1) has changed

The guideline value for Gandhimathi Street (Ward-1) has undergone several revisions over the years. The earliest available figure is from 2012, where it was set at Rs 1,200 per sq.ft. This value decreased to Rs 804 per sq.ft in 2017, marking a decline of 33%. The value then increased significantly to Rs 1,200 per sq.ft in 2023, followed by a further increase to Rs 1,300 per sq.ft in the 2024 revision, which is an 8% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has seen a slight increase of 8%.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that have a guideline value for 2024, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, indicating that the 2024 figure for Gandhimathi Street (Ward-1) is below this median.

• Gandhi Nagar: Rs 2,200 per sq.ft (2024)
• Gandhiji Street (Ward-29): Rs 1,600 per sq.ft (2024)
• Gandhiji Street (Lakshmipuram): Rs 1,600 per sq.ft (2024)
• Ganapathy Thottam (Ward-30): Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar (Ward 24): Rs 2,200 per sq.ft (2024)
• Ganapathy Nagar Main Rd (Ward No.3): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gandhimathi Street (Ward-1)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. 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 calculating fees.

Which Sub Registrar Office covers Gandhimathi Street (Ward-1)?

The Sub Registrar Office that covers Gandhimathi Street (Ward-1) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the buyer must pay stamp duty and registration fees 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 of Gandhimathi Street (Ward-1)?

The current guideline value of Gandhimathi Street (Ward-1) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Gandhimathi Street (Ward-1)?

Gandhimathi Street (Ward-1) is classified as Residential Class III Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Gandhimathi Street (Ward-1)?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty of Rs 91,000.