Guideline Value for Mahathma Gandhi Street

Mahathma Gandhi Street guideline value

The current guideline value of Mahathma Gandhi Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Mahathma Gandhi Street has changed

The guideline value of Mahathma Gandhi Street has seen several revisions over the years. In 2007, the value was set at Rs 1,800 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in both 2012 and 2023. There is no figure available for the revisions in 2002, 2003, and 2017. The most recent revision in 2024 raised the value to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year's figure.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 114%. The increase from 2007 to 2012 was 94%, while there was no change from 2012 to 2023.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value across these streets is Rs 4,400 per sq.ft, placing Mahathma Gandhi Street's 2024 value below this median.

• Mahatma Gandhi Street, Annai Indira Nagar: Rs 4,400 per sq.ft (2024)
• Mahaveer Nagar: Rs 3,850 per sq.ft (2024)
• Mahaveer Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Mahalakshmi Street, Gandhi Salai: Rs 4,400 per sq.ft (2024)
• Mahalakshmi Street: Rs 4,400 per sq.ft (2024)
• Maheswari Nagar: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mahathma Gandhi Street?

The Sub Registrar Office that covers Mahathma Gandhi Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Velachery. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. The guideline value reflects the minimum value at which a property can be registered.

When selling a property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers should be aware of the guideline value to understand the costs associated with their 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 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,800 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 114% over the years.

What is the registration office for Mahathma Gandhi Street?

The registration office for Mahathma Gandhi Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

For a property of 1,000 sq.ft at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,46,500, based on the guideline value of Rs 38,50,000.

Where can I find more information about guideline values in Velachery?

You can find more information about guideline values and specific streets in Velachery through the Registration Department's guideline value register or by visiting the Velacheri SRO.