Guideline Value for MAHATHMA GANDHI STREET

Mahathma Gandhi Street guideline value

The current guideline value of Mahathma Gandhi Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Chemmancheri village, under the Neelankarai SRO, and is classified as Residential Class I Type - II.

How the guideline value of Mahathma Gandhi Street has changed

The guideline value for Mahathma Gandhi Street has undergone several revisions over the years. In 2003, the guideline value was Rs 65 per sq.ft. This increased significantly to Rs 300 per sq.ft in 2007, marking a change of +362%. By 2012, the value rose to Rs 2,000 per sq.ft, reflecting an increase of +567%. However, from 2017, the value decreased to Rs 1,340 per sq.ft, showing a decline of -33%. In 2023, the value was Rs 3,000 per sq.ft, which then increased to the current value of Rs 3,300 per sq.ft in 2024, resulting in a change of +10%. Overall, from 2003 to 2024, the guideline value has increased by +4,977%.

The register has no figure for the year 2002 for this street. The revisions illustrate the significant changes in the guideline value over the years, reflecting various factors affecting property values in the area.

Guideline values in Chemmancheri

In Chemmancheri village, there are 195 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, making Mahathma Gandhi Street's 2024 figure above that median.

• Manavalan Garden: Rs 1,100 per sq.ft (2024)
• Madhu Sudanam Garden (Near Omr): Rs 1,700 per sq.ft (2024)
• Madhusudanam Garden: Rs 1,100 per sq.ft (2024)
• Manick Enclave: Rs 1,700 per sq.ft (2024)
• Lingesan Garden: Rs 1,700 per sq.ft (2024)
• Mejestic Recidency: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Mahathma Gandhi Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost would be Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Mahathma Gandhi Street?

The Sub Registrar Office that covers Mahathma 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. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in property transactions in Chemmancheri. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during the registration process.

When a property is bought or sold, 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 appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mahathma Gandhi Street?

The current guideline value of Mahathma Gandhi Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 65 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, which is an overall increase of +4,977%.

What is the land classification of Mahathma Gandhi Street?

Mahathma Gandhi Street is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles registrations for Mahathma Gandhi Street?

The Neelankarai Sub Registrar Office handles registrations for Mahathma Gandhi Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.