Guideline Value for Gandthi Street

Gandthi Street guideline value

The current guideline value of Gandthi Street in Sholavaram village is Rs 660 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Gandthi Street has changed

The guideline value for Gandthi Street has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased to Rs 600 per sq.ft in 2012. However, it then decreased to Rs 402 per sq.ft in 2017. The next revision in 2023 set the value at Rs 600 per sq.ft, and the most recent revision in 2024 increased it to Rs 660 per sq.ft.

Between these revisions, there were notable changes. The value increased by 100% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then increased by 49% from 2017 to 2023. The jump from 2023 to 2024 is a 10% increase. Overall, from 2007 to 2024, the guideline value has risen by 120%.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 515 to Rs 3,500 per sq.ft. The median value is Rs 660 per sq.ft, which is equal to the guideline value of Gandthi Street.

• Gnt Road: Rs 1,650 per sq.ft (2024)
• Gomathiamman Nagar Annex XVIII: Rs 550 per sq.ft (2024)
• Diamond City: Rs 550 per sq.ft (2024)
• Indra Garden: Rs 770 per sq.ft (2024)
• Jai Sai Nagar: Rs 1,320 per sq.ft (2024)
• Chenglamman Nagar (S.No.611/1A): Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Gandthi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, making the total cost for these charges Rs 59,400. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gandthi Street?

The Sub Registrar Office that covers Gandthi Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Sholavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gandthi Street?

The current guideline value of Gandthi Street is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, reflecting a total increase of 120% over this period.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Gandthi Street is charged at a rate of 7% on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Gandthi Street located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the median guideline value for streets in Sholavaram?

The median guideline value for streets in Sholavaram is Rs 660 per sq.ft, which is the same as the guideline value for Gandthi Street.