Guideline Value for Mahatma Gandhi 3rd Street

Mahatma Gandhi 3rd Street guideline value

The current guideline value of Mahatma Gandhi 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO and is classified as Residential Class IV Type - I.

How the guideline value of Mahatma Gandhi 3rd Street has changed

The guideline value for Mahatma Gandhi 3rd Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The changes between the revisions are notable, with a significant 49% increase from 2017 to 2023, and a decrease of 33% from 2012 to 2017. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Mahatma Gandhi 3rd Street's 2024 figure below that median.

• Mahatma Gandhi 2nd Street: Rs 2,200 per sq.ft (2024)
• Mahatma Gandhi 1st Street: Rs 2,200 per sq.ft (2024)
• Maleeshwari Nagar: Rs 2,200 per sq.ft (2024)
• Manavalagar Street / Manavalan Street: Rs 2,200 per sq.ft (2024)
• Madhavaram High Road: Rs 3,800 per sq.ft (2024)
• Maraimalai Adigalar Street (Teacher Colony): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mahatma Gandhi 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total charges to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahatma Gandhi 3rd Street?

The Mahatma Gandhi 3rd Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a critical factor in the registration process when buying or selling property in Erukancherry. It serves as a benchmark for determining the minimum value for property transactions, ensuring that the state collects appropriate stamp duty and registration fees based on this value.

When you register a property, the guideline value is used to calculate the applicable fees, which can significantly impact the overall cost of the transaction. It is essential for buyers and sellers to be aware of the current guideline value to make informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Mahatma Gandhi 3rd Street?

The current guideline value of Mahatma Gandhi 3rd Street is Rs 2,200 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 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 in 2023, and finally to Rs 2,200 in 2024. This reflects a significant increase from 2017 to 2023.

What is the land classification of Mahatma Gandhi 3rd Street?

Mahatma Gandhi 3rd Street is classified as Residential Class IV Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Mahatma Gandhi 3rd Street is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at a rate of 7%.