Guideline Value for INDRAGANDHI STREET

Indragandhi Street guideline value

The current guideline value of Indragandhi Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Indragandhi Street has changed

The guideline value for Indragandhi Street has seen several revisions over the years. In 2002, the guideline value was Rs 67 per sq.ft, which increased to Rs 78 per sq.ft in 2003. The value continued to rise significantly, reaching Rs 300 per sq.ft in 2007. By 2012, it was recorded at Rs 2,000 per sq.ft, but this marked a decline of 33% from the previous figure. The value then rose again to Rs 1,340 per sq.ft in 2017, followed by an increase to Rs 2,000 per sq.ft in 2023, and finally reaching Rs 2,200 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 3,184%. The revisions have shown significant fluctuations, particularly between 2007 and 2012, where there was a remarkable increase of 567%, followed by a notable rise of 49% from 2017 to 2023.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current value of Indragandhi Street.

• Indra Priyadarshini Nagar Rajiv Street: Rs 1,870 per sq.ft (2024)
• Indra Street/Nagar: Rs 2,200 per sq.ft (2024)
• Isha Homes: Rs 2,750 per sq.ft (2024)
• Iswariya Avenue / Garden: Rs 2,750 per sq.ft (2024)
• Iyyappa Nagar: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Indragandhi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total fees would be Rs 1,98,000. It is important to note that the 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 information.

Which Sub Registrar Office covers Indragandhi Street?

The Sub Registrar Office that covers Indragandhi Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Medavakkam. It determines the minimum value at which a property can be registered, influencing the stamp duty and registration fees that buyers must pay. This value is set by the government and is periodically revised based on various factors.

When buying or selling property, it is essential to be aware of the current guideline value, as it impacts the overall cost of the transaction. Buyers should ensure that they are informed about the latest revisions to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Indragandhi Street?

The current guideline value of Indragandhi Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 67 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, representing an overall increase of 3,184%.

What is the registration office for Indragandhi Street?

The registration office for Indragandhi Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Indragandhi Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.

What are the other streets in Medavakkam with similar guideline values?

Other streets in Medavakkam include Indra Priyadarshini Nagar Rajiv Street at Rs 1,870 per sq.ft, Indra Street/Nagar at Rs 2,200 per sq.ft, and Iyyappa Nagar at Rs 2,200 per sq.ft, among others.