Guideline Value for Mahatma Gandhi Street (Bharathiyar Nagar)

Mahatma Gandhi Street (Bharathiyar Nagar) guideline value

The current guideline value of Mahatma Gandhi Street (Bharathiyar Nagar) is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class III Type - I.

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

The guideline value for Mahatma Gandhi Street (Bharathiyar Nagar) has seen significant changes over the years. In 2002, the guideline value was Rs 93 per sq.ft, which increased to Rs 102 per sq.ft in 2003, marking a 10% rise. The value then rose sharply to Rs 250 per sq.ft in 2007, reflecting a 145% increase. Following this, the guideline value jumped to Rs 1,500 per sq.ft in 2012, which was a substantial 500% increase from the previous figure. However, it decreased to Rs 1,005 per sq.ft in 2017, representing a 33% drop. The value then increased to Rs 1,500 per sq.ft in 2023, a 49% rise, and finally reached Rs 1,700 per sq.ft in the 2024 revision, a 13% increase.

There are no figures available for the revisions in years other than those mentioned. The overall change from 2002 to 2024 shows an increase of 1,728% in the guideline value.

Guideline values in Neelankarai

In Neelankarai village, there are 377 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Mahatma Gandhi Street (Bharathiyar Nagar) below this median.

• Mada Koil Street: Rs 2,200 per sq.ft (2024)
• Mada Koil Cross Street: Rs 2,200 per sq.ft (2024)
• Maraikkayar Nagar: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)
• Maraikkayar Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mahatma Gandhi Street (Bharathiyar Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total cost for these fees to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Mahatma Gandhi Street (Bharathiyar Nagar)?

The Sub Registrar Office that covers Mahatma Gandhi Street (Bharathiyar Nagar) is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Neelankarai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value must be considered alongside the sale price. The higher of the two values will be used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

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

The current guideline value of Mahatma Gandhi Street (Bharathiyar Nagar) is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 93 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, showing an overall increase of 1,728% over the years.

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

For a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000, and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which office handles property registrations for Mahatma Gandhi Street (Bharathiyar Nagar)?

The Neelankarai Sub Registrar Office handles property registrations for Mahatma Gandhi Street (Bharathiyar Nagar), located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification for Mahatma Gandhi Street (Bharathiyar Nagar)?

Mahatma Gandhi Street (Bharathiyar Nagar) is classified as Residential Class III Type - I, indicating its suitability for residential development.