Guideline Value for Mahatma Gandhi Street

Mahatma Gandhi Street guideline value

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

How the guideline value of Mahatma Gandhi Street has changed

In the 2012 revision, the guideline value was Rs 400 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 268 per sq.ft, marking a decline of 33%. Following this, the 2023 revision saw a significant increase to Rs 400 per sq.ft, and then further rose to Rs 440 per sq.ft in the 2024 revision, reflecting a 10% increase. The overall change from 2012 to 2024 shows a slight increase of 10%.

The 2024 revision indicates a 10% increase from the 2023 figure of Rs 400 per sq.ft. Additionally, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Vengambakkam

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

• Mahatma Gandhi Cross 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 Street

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 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.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mahatma Gandhi Street?

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 information.

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

The guideline value is a crucial factor when buying or selling property in Vengambakkam, as it determines the minimum price at which a property can be registered. This value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

Frequently asked questions

What is the current guideline value of Mahatma Gandhi Street?

The current guideline value of Mahatma Gandhi 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 seen various changes: it was Rs 400 per sq.ft in 2012, decreased to Rs 268 per sq.ft in 2017, 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 under the Tambaram Joint 1 SRO.

What are the stamp duty and registration fees for property in Mahatma Gandhi Street?

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.

Which office handles the registration for Mahatma Gandhi Street?

The registration for Mahatma Gandhi Street is handled by the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059.