Guideline Value for MAHATHMA GANDHI STREET

Mahathma Gandhi Street guideline value

The current guideline value of Mahathma Gandhi Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village under the Neelankarai SRO, classified as Residential Class I Type - I.

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 2012, the value was set at Rs 4,000 per sq.ft. This figure remained until the next revision in 2017, where it decreased to Rs 2,680 per sq.ft, marking a decline of 33%. The following revision in 2023 saw a significant increase to Rs 4,000 per sq.ft, and the most recent revision in 2024 raised it further to Rs 4,400 per sq.ft, reflecting a 10% increase.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for the village is Rs 3,300 per sq.ft, placing Mahathma Gandhi Street's 2024 figure above this median.

• Maiyur Puram: Rs 2,800 per sq.ft (2024)
• Mangalambigai @ Mangalapuri Nagar: Rs 3,300 per sq.ft (2024)
• Mangalambigai Nagar: Rs 3,900 per sq.ft (2024)
• MANGALAMBIGAI NAGAR 3rd STREET: Rs 3,900 per sq.ft (2024)
• MANGALAMBIGAI NAGAR 4th STREET: Rs 3,900 per sq.ft (2024)
• MANGALAMBIGAI NAGAR 5th STREET: 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 guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total fees would be Rs 3,96,000. 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 more details.

Which Sub Registrar Office covers Mahathma Gandhi Street?

The Mahathma Gandhi Street falls under the jurisdiction of 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, visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is 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 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then increased to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification for Mahathma Gandhi Street?

Mahathma Gandhi Street is classified as Residential Class I Type - I.

What are the other streets in Okkiyamthuraipakkam?

Other streets in Okkiyamthuraipakkam include Maiyur Puram, Mangalambigai @ Mangalapuri Nagar, Mangalambigai Nagar, and several streets in Mangalambigai Nagar, all with varying guideline values.

Where is the Neelankarai Sub Registrar Office located?

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