Guideline Value for Indra Gandhi Street

Indra Gandhi Street guideline value

The current guideline value of Indra Gandhi Street in Nallur village is Rs 440 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class III Type - I.

How the guideline value of Indra Gandhi Street has changed

The guideline value for Indra Gandhi Street has seen several revisions over the years. In 2002, the guideline value was Rs 200 per sq.ft, which increased to Rs 20 per sq.ft in 2003. Following this, the value rose significantly to Rs 200 per sq.ft in 2007, then doubled to Rs 400 per sq.ft in 2012. In 2017, the guideline value was revised to Rs 268 per sq.ft, before increasing to Rs 400 per sq.ft in 2023, and finally reaching Rs 440 per sq.ft in 2024.

Between these revisions, the changes were notable. From 2002 to 2003, there was a decrease of 90%. The value then increased by 900% from 2003 to 2007. The following revisions saw a 100% increase from 2007 to 2012, a decrease of 33% from 2012 to 2017, and a significant increase of 49% from 2017 to 2023. The current value of Rs 440 per sq.ft represents a 10% increase from the previous year's Rs 400 per sq.ft.

Guideline values in Nallur

Nallur village has 39 streets under the Redhills SRO, with guideline values ranging from Rs 440 to Rs 1,650 per sq.ft in 2024. The median value for these streets is Rs 550 per sq.ft, placing Indra Gandhi Street's guideline value below this median.

• Gokulam Avenue: Rs 1,650 per sq.ft (2024)
• Gnt Road: Rs 1,650 per sq.ft (2024)
• Kalpaga Nagar: Rs 770 per sq.ft (2024)
• Kalpaga Nagar - 1: Rs 770 per sq.ft (2024)
• Kannanoorambakkam 1st Cross Street: Rs 770 per sq.ft (2024)
• Kannanoorambakkam 2nd Cross Street: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Indra Gandhi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value would be Rs 4,40,000. The stamp duty at 7% would amount to Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total to Rs 39,600. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Indra Gandhi Street?

The Sub Registrar Office that covers Indra Gandhi 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 Nallur

The guideline value is a critical factor in the registration process when buying or selling property in Nallur. It helps determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is compliant with local regulations.

When a property is sold, the guideline value serves as a benchmark for the minimum value at which the property can be registered. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the actual sale price, which is essential for budgeting the total costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Indra Gandhi Street?

The current guideline value of Indra Gandhi Street is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 200 per sq.ft in 2002 to Rs 440 per sq.ft in 2024, with various increases and decreases in between.

What is the median guideline value for streets in Nallur?

The median guideline value for the 39 streets in Nallur is Rs 550 per sq.ft, which is higher than the current value of Indra Gandhi Street.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Tamil Nadu is typically 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.