Guideline Value for G.N.Chetty Street

G.N.Chetty Street guideline value

The current guideline value of G.N.Chetty Street is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Commercial Special Type - III.

How the guideline value of G.N.Chetty Street has changed

The guideline value for G.N.Chetty Street has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 12,000 per sq.ft, which increased by 10% to Rs 13,200 per sq.ft in the 2024 revision.

This change reflects a notable adjustment in the guideline value, moving from Rs 12,000 per sq.ft in 2023 to Rs 13,200 per sq.ft in 2024. The increase indicates a shift in the valuation of properties on this street as per the latest revision.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing G.N.Chetty Street's 2024 figure above that median.

• George Avenue: Rs 17,500 per sq.ft (2024)
• Gopalapuram 1st Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 2nd Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 3rd Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 4th Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 5th Street: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in G.N.Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value would be Rs 1,32,00,000. The stamp duty at 7% would amount to Rs 9,24,000, while the registration fee at 2% would be Rs 2,64,000. Together, the total cost for stamp duty and registration fees would be Rs 11,88,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers G.N.Chetty Street?

The Sub Registrar Office that covers G.N.Chetty Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value plays a crucial role during the registration of property transactions in Mylapore Part 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the transaction is recorded accurately and transparently in the official records.

Frequently asked questions

What is the current guideline value of G.N.Chetty Street?

The current guideline value of G.N.Chetty Street is Rs 13,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

Recently, the guideline value increased from Rs 12,000 per sq.ft in 2023 to Rs 13,200 per sq.ft in 2024, marking a 10% increase.

What is the land classification for G.N.Chetty Street?

The land classification for G.N.Chetty Street is Commercial Special Type - III, indicating its suitability for commercial activities.

Where is the Sub Registrar Office for G.N.Chetty Street located?

The Sub Registrar Office for G.N.Chetty Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is stamp duty calculated for properties in G.N.Chetty Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, on a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 11,88,000.