Guideline Value for M.K. Gandhi Street

M.K. Gandhi Street guideline value

The current guideline value of M.K. Gandhi Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Naravarikuppam village, under the Redhills SRO, and is classified as Residential Class III Type - I.

How the guideline value of M.K. Gandhi Street has changed

The guideline value for M.K. Gandhi Street has undergone several revisions over the years. In 2002, the guideline value was Rs 3,176 per sq.ft. This figure dropped significantly to Rs 324 per sq.ft in 2003, representing a decrease of 90%. The value then increased to Rs 400 per sq.ft in 2007, marking a rise of 23%. In 2012, the value was Rs 1,200 per sq.ft, which was a substantial increase of 200%. However, it decreased to Rs 804 per sq.ft in 2017, reflecting a decline of 33%. The most recent revisions show that the guideline value was Rs 1,200 per sq.ft in 2023, and it has now increased to Rs 1,320 per sq.ft in 2024, a change of 10%.

Throughout these revisions, there are no figures available for certain years in the register for M.K. Gandhi Street. The overall change from 2002 to 2024 indicates a decrease of 58% in the guideline value.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. M.K. Gandhi Street's 2024 figure is below this median.

• Moulana Abdul Kalam Street: Rs 1,650 per sq.ft (2024)
• Mettu Street: Rs 1,650 per sq.ft (2024)
• Mugamathu Nayakkar Street: Rs 1,320 per sq.ft (2024)
• Meeran Moideen Street: Rs 1,320 per sq.ft (2024)
• Murthuja Hussian Sahib Street: Rs 1,320 per sq.ft (2024)
• Mathamman Kovil Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in M.K. Gandhi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total cost for these fees to Rs 1,18,800. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.K. Gandhi Street?

The Sub Registrar Office covering M.K. 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 further assistance.

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

The guideline value plays a crucial role when buying or selling property in Naravarikuppam. It is used to determine the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with registration regulations.

When a property transaction occurs, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. 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 M.K. Gandhi Street?

The current guideline value of M.K. Gandhi Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, from Rs 3,176 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024. Notable changes include a drop to Rs 324 per sq.ft in 2003 and a rise to Rs 1,200 per sq.ft in 2012.

What is the land classification for M.K. Gandhi Street?

M.K. Gandhi Street is classified as Residential Class III Type - I. This classification affects the guideline value and the types of properties that can be developed in the area.

Where can I calculate stamp duty and registration fees?

You can use the stamp duty and registration fee calculator to determine the fees applicable for properties in M.K. Gandhi Street.

Which office handles property registrations for M.K. Gandhi Street?

The Redhills Sub Registrar Office handles property registrations for M.K. Gandhi Street. The office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.