Guideline Value for MAHATMA GANDHI STREET

Mahatma Gandhi Street guideline value

The current guideline value of Mahatma Gandhi Street in Palavakkam village, under the Neelankarai SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Mahatma Gandhi Street has changed

The guideline value for Mahatma Gandhi Street has seen several revisions over the years. In 2007, the value was Rs 700 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it then dropped to Rs 1,675 per sq.ft in 2017. The value rose again to Rs 2,500 per sq.ft in 2023, and most recently, it has increased to Rs 2,800 per sq.ft in 2024, marking a 12% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 300%. The revisions for the years 2002 and 2003 do not have figures listed for this street in the register.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, placing Mahatma Gandhi Street's 2024 guideline value below that median.

• Manimegalai Street: Rs 1,700 per sq.ft (2024)
• Maniyammai St,: Rs 2,200 per sq.ft (2024)
• Ma.Po.See. Street Extension: Rs 2,800 per sq.ft (2024)
• Ma.Po.See. Street (Near Ecr): Rs 2,800 per sq.ft (2024)
• Marika Nagar: Rs 6,100 per sq.ft (2024)
• Life Line Hospital: Rs 8,800 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 2,800 per sq.ft, the guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahatma Gandhi Street?

The Mahatma Gandhi Street falls under 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, you can visit find your SRO.

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

The guideline value is a critical factor in property transactions in Palavakkam. It is used to determine the stamp duty and registration fees that need to be paid during the sale or purchase of a property. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration requirements.

When registering a property, the guideline value serves as a benchmark for calculating the duties payable. It is essential to refer to the latest revisions to understand the financial implications of property transactions in the area.

Frequently asked questions

What is the current guideline value of Mahatma Gandhi Street?

The current guideline value of Mahatma Gandhi Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 300% over the years.

What is the land classification for Mahatma Gandhi Street?

Mahatma Gandhi Street is classified as Residential Class III Type - I, which affects its guideline value and usage.

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

The Neelankarai Sub Registrar Office covers Mahatma Gandhi Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

How is stamp duty calculated for properties in Mahatma Gandhi Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 at a rate of 7%.