Guideline Value for Indira Gandhi Street

Indira Gandhi Street guideline value

The current guideline value of Indira Gandhi Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class III Type - I.

How the guideline value of Indira Gandhi Street has changed

The guideline value for Indira Gandhi Street has seen significant changes over the years. In 2002, the guideline value was Rs 80 per sq.ft. This increased to Rs 87 per sq.ft in 2003, followed by a substantial rise to Rs 250 per sq.ft in 2007. The value then jumped to Rs 1,500 per sq.ft in 2012, before experiencing a decrease to Rs 1,005 per sq.ft in 2017. The value rose again to Rs 1,500 per sq.ft in 2023 and has now reached Rs 1,700 per sq.ft in 2024, marking a 13% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 2025%. The register has no figures for revisions in the years not mentioned for this street.

Guideline values in Neelankarai

In Neelankarai village, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Indira Gandhi Street is below this median.

• Iswaran Koil Street: Rs 1,700 per sq.ft (2024)
• Habiba Street: Rs 1,700 per sq.ft (2024)
• Govind Nagar, Singaravelan Salai 10th Cross Street: Rs 3,300 per sq.ft (2024)
• J.J. Street: Rs 1,700 per sq.ft (2024)
• J.P.Nagar: Rs 1,700 per sq.ft (2024)
• Kabaleeswarar Nagar 1st North Cross Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Indira Gandhi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. 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 Indira Gandhi Street?

The Sub Registrar Office that covers Indira Gandhi Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Neelankarai. It serves as a benchmark for determining 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.

During the registration process, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. 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 Indira Gandhi Street?

The current guideline value of Indira Gandhi Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 80 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 2025% over this period.

What is the land classification for Indira Gandhi Street?

Indira Gandhi Street is classified as Residential Class III Type - I.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Indira Gandhi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft property at the guideline value of Rs 1,700 per sq.ft would incur a total guideline value of Rs 17,00,000, leading to specific stamp duty and registration fees.