Guideline Value for KASUTURI GANDHI STREET

Kasuturi Gandhi Street guideline value

The current guideline value of Kasuturi Gandhi 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 Kasuturi Gandhi Street has changed

The guideline value for Kasuturi Gandhi Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. The value increased significantly to Rs 2,000 per sq.ft in the 2023 revision, and further rose to Rs 2,200 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The changes between the revisions are as follows: from 2012 to 2017, there was a decrease of 33%, followed by a substantial increase of 49% from 2017 to 2023. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 in this area is Rs 2,200 per sq.ft, which is the same as the current value for Kasuturi Gandhi Street.

• Kayathiri Nagar: Rs 2,750 per sq.ft (2024)
• Kousalya Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Kousalya Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Kousalya Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Kambar Street: Rs 2,200 per sq.ft (2024)
• Kambar 2nd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kasuturi Gandhi 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 at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total fees together Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Kasuturi Gandhi Street?

Kasuturi Gandhi Street is covered by 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 information.

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

The guideline value is a crucial factor when buying or selling property in Medavakkam, as it determines the minimum value at which a property can be registered. It is used to calculate the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the sale price is compared to the guideline value. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kasuturi Gandhi Street?

The current guideline value of Kasuturi Gandhi 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 from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

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

Other streets in Medavakkam with a guideline value of Rs 2,200 per sq.ft include Kousalya Nagar 1st Street, Kousalya Nagar 2nd Street, Kousalya Nagar Main Road, and Kambar Street.

What fees are associated with buying property on Kasuturi Gandhi Street?

The fees include stamp duty at 7% and a registration fee at 2% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Kasuturi Gandhi Street?

The Sub Registrar Office covering Kasuturi Gandhi Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.