Guideline Value for Mahatma Gandhi Cross Street

Mahatma Gandhi Cross Street guideline value

The current guideline value of Mahatma Gandhi Cross Street is Rs 440 per sq.ft, effective from 1 July 2024. This street is located in Vengambakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Mahatma Gandhi Cross Street has changed

The guideline value for Mahatma Gandhi Cross Street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 400 per sq.ft, which then decreased to Rs 268 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 400 per sq.ft. The most recent revision in 2024 has increased the value to Rs 440 per sq.ft, reflecting a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Vengambakkam

In Vengambakkam, there are 88 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 440 to Rs 5,000 per sq.ft. The median value for these streets is Rs 770 per sq.ft, making the current guideline value of Mahatma Gandhi Cross Street below the median.

• Mahatma Gandhi Street: Rs 440 per sq.ft (2024)
• Mahatma Gandhi Street ( Continued ): Rs 440 per sq.ft (2024)
• Lilly Nagar: Rs 1,100 per sq.ft (2024)
• Mayana Salai: Rs 440 per sq.ft (2024)
• Metro Vengambakkam House Site Scheme: Rs 4,460 per sq.ft (2024)
• Krishna Nagar: Rs 1,160 per sq.ft (2024)

Stamp duty and registration fee for property in Mahatma Gandhi Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, making the total cost for these fees Rs 39,600. It is essential to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mahatma Gandhi Cross Street?

The Mahatma Gandhi Cross Street is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Vengambakkam

The guideline value is a crucial factor when registering property transactions in Vengambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duties and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair value of the property being transacted. It is essential for buyers to be aware of the guideline value to avoid overpaying and for sellers to set realistic expectations for their property’s worth during negotiations.

Frequently asked questions

What is the current guideline value of Mahatma Gandhi Cross Street?

The current guideline value of Mahatma Gandhi Cross Street is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 268 per sq.ft in 2017, then increased to Rs 400 per sq.ft in 2023, and finally to Rs 440 per sq.ft in 2024.

What is the land classification for Mahatma Gandhi Cross Street?

The land classification for Mahatma Gandhi Cross Street is Residential Class I Type - III.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800 and the registration fee would be Rs 8,800, totaling Rs 39,600 for a 1,000 sq.ft plot.

Which office handles registrations for Mahatma Gandhi Cross Street?

The Tambaram Joint 1 Sub Registrar Office handles registrations for Mahatma Gandhi Cross Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.