Guideline Value for MAHATMA GANDHI STREET

Mahatma Gandhi Street guideline value

The current guideline value of Mahatma Gandhi Street in Nemilicherry village is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Mahatma Gandhi Street has changed

The guideline value for Mahatma Gandhi Street has undergone several revisions over the years. The earliest recorded figure is from 2012, where it was set at Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017, and then an increase back to Rs 2,000 per sq.ft in 2023. The latest revision in 2024 has raised the guideline value to Rs 2,160 per sq.ft, marking an 8% increase from the previous year.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, there was a significant increase of 49%. Overall, comparing the figures from 2012 to 2024, the guideline value has increased by 8%. It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,160 per sq.ft, which is the same as the guideline value for Mahatma Gandhi Street.

• Manimutharu Street: Rs 2,160 per sq.ft (2024)
• Lake View Slum: Rs 2,160 per sq.ft (2024)
• Lake View Colony: Rs 2,200 per sq.ft (2024)
• Maruthi Avenue: Rs 2,160 per sq.ft (2024)
• Kurinji Nagar: Rs 2,420 per sq.ft (2024)
• Kurathiamman Koil Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Mahatma Gandhi Street

For a 1,000 sq.ft plot at the current rate of Rs 2,160 per sq.ft, the guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total to Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahatma Gandhi Street?

The Sub Registrar Office that covers Mahatma Gandhi Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nemilicherry. It serves as a benchmark for determining the stamp duty and registration fees applicable on the transaction.

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

Frequently asked questions

What is the current guideline value of Mahatma Gandhi Street?

The current guideline value of Mahatma Gandhi Street is Rs 2,160 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 in 2012 to Rs 1,340 in 2017, then back to Rs 2,000 in 2023, and finally to Rs 2,160 in 2024.

What is the land classification for Mahatma Gandhi Street?

Mahatma Gandhi Street is classified as Residential Class II Type - I.

Where can I find the registration office for Mahatma Gandhi Street?

The registration office for Mahatma Gandhi Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in Nemilicherry?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current rate would incur a total of Rs 1,94,400 in duties.