Guideline Value for G.H. Road

G.H. Road guideline value

The current guideline value of G.H. Road in Muthiyalpet village, under the Sowcarpet SRO, is Rs 6,000 per sq.ft, effective from 1 July 2024. This land is classified as Residential Special Type - I.

How the guideline value of G.H. Road has changed

The guideline value for G.H. Road has seen several revisions over the years. In 2003, the value was Rs 1,833 per sq.ft, which increased to Rs 2,000 per sq.ft in 2007. The 2012 revision brought the value to Rs 5,500 per sq.ft, followed by a decrease to Rs 3,685 per sq.ft in 2017. The value then rose significantly to Rs 5,500 per sq.ft in 2023, and finally to the current rate of Rs 6,000 per sq.ft in 2024. Notably, the register has no figure for the year 2002 for this street.

Between the revisions, there were notable changes. From 2003 to 2007, the increase was +9%, followed by a substantial rise of +175% from 2007 to 2012. The value then decreased by -33% from 2012 to 2017, before a significant increase of +49% from 2017 to 2023. The most recent change from 2023 to 2024 is +9%. Overall, the guideline value has increased by +227% from 2003 to 2024.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing G.H. Road's 2024 figure above this median.

• George Chappel Street: Rs 4,900 per sq.ft (2024)
• Girikori Street: Rs 4,900 per sq.ft (2024)
• Genguraman Street: Rs 4,400 per sq.ft (2024)
• General Muthiah Mudali Street: Rs 4,400 per sq.ft (2024)
• Godown Street: Rs 8,800 per sq.ft (2024)
• Govindappa Naicken Street Segment-1 (NSC - Annapillai Street): Rs 13,000 per sq.ft (2024)

Stamp duty and registration fee for property in G.H. Road

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total cost for these fees to Rs 5,40,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers G.H. Road?

The G.H. Road is covered by the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Muthiyalpet. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property transactions. Buyers need to be aware of the guideline value to ensure they are prepared for the associated costs during the registration process.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to determine the stamp duty and registration fees. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of G.H. Road?

The current guideline value of G.H. Road is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 1,833 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, with various increases and decreases in between.

What is the median guideline value in Muthiyalpet?

The median guideline value in Muthiyalpet is Rs 4,400 per sq.ft, which is lower than the current value of G.H. Road.

What fees are associated with buying property on G.H. Road?

When buying property on G.H. Road, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for G.H. Road?

The Sowcarpet Sub Registrar Office, which covers G.H. Road, is located at No.11, Davidson Street, Sowcarpet, Chennai-01.