Guideline Value for Mahatma Gandhi Street ( Continued )

Mahatma Gandhi Street ( Continued ) guideline value

The current guideline value of Mahatma Gandhi Street ( Continued ) is Rs 440 per sq.ft, effective from 1 July 2024. This street is located in Vengambakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - III.

How the guideline value of Mahatma Gandhi Street ( Continued ) has changed

The guideline value for Mahatma Gandhi Street has undergone several revisions over the years. In 2012, the guideline value was Rs 400 per sq.ft, which decreased to Rs 268 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 400 per sq.ft, marking a 49% rise. The latest revision in 2024 set the value at Rs 440 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for Mahatma Gandhi Street in the revisions from 2002, 2003, and 2007. Overall, comparing the values from 2012 to 2024, there has been a 10% increase, with the current rate being Rs 440 per sq.ft.

Guideline values in Vengambakkam

In Vengambakkam, there are a total of 88 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 5,000 per sq.ft. The median value for these streets is Rs 770 per sq.ft, indicating that Mahatma Gandhi Street's 2024 figure is below this median.

• Mahatma Gandhi Street: Rs 440 per sq.ft (2024)
• Mahatma Gandhi Cross Street: 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 Street ( Continued )

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value would be Rs 4,40,000. The stamp duty at 7% would amount to Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total fees to Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mahatma Gandhi Street ( Continued )?

The Sub Registrar Office that covers Mahatma Gandhi Street is 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 details.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Vengambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid to the government. The guideline value is assessed based on various factors, including the location and classification of the property.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Mahatma Gandhi Street ( Continued )?

The current guideline value of Mahatma Gandhi Street ( Continued ) 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 Street?

Mahatma Gandhi Street is classified as Residential Class I Type - III, which indicates its suitability for residential purposes.

Where can I find the Sub Registrar Office for Mahatma Gandhi Street?

The Sub Registrar Office covering Mahatma Gandhi Street is located at No.26, mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Vengambakkam?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800 at a rate of 7%.