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 2 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. The 2023 revision set the guideline value at Rs 12,000 per sq.ft, which was an increase from the previous revisions. The latest revision in 2024 raised the guideline value to Rs 13,200 per sq.ft, marking a 10% increase from the 2023 figure.

In summary, the guideline value increased from Rs 12,000 per sq.ft in 2023 to Rs 13,200 per sq.ft in 2024. This increase reflects the current valuation trends for the area.

Guideline values in Mylapore Part 2

Mylapore Part 2 has a total of 332 streets under the Chennai Central Joint I SRO with 2024 guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median value for this area is Rs 8,800 per sq.ft, placing G.N.Chetty Street's 2024 figure above that median.

• G.N.Chetty Road: Rs 13,200 per sq.ft (2024)
• 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)

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 amounts to Rs 1,32,00,000. The stamp duty is calculated at 7%, resulting in Rs 9,24,000, and the registration fee at 2% amounts to Rs 2,64,000. The total fees together come to Rs 11,88,000. 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 G.N.Chetty Street?

The G.N.Chetty Street is covered by 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 details.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value plays a crucial role in property transactions in Mylapore Part 2. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property in the area. This ensures that the government receives a fair amount of revenue from property transactions.

When selling property, the guideline value helps establish a baseline for the sale price, ensuring that both buyers and sellers have a clear understanding of the property's worth in the current market. It is essential for both parties to be aware of the guideline value to avoid any discrepancies during the registration process.

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 has the guideline value changed over the years?

The guideline value for G.N.Chetty Street has been revised several times, with the latest increase from Rs 12,000 per sq.ft in 2023 to Rs 13,200 per sq.ft in 2024, a change of 10%.

What is the median guideline value in Mylapore Part 2?

The median guideline value in Mylapore Part 2 is Rs 8,800 per sq.ft, with G.N.Chetty Street's 2024 figure being above this median.

What are the stamp duty and registration fees for a property in G.N.Chetty Street?

For a property valued at Rs 1,32,00,000, the stamp duty is Rs 9,24,000 and the registration fee is Rs 2,64,000, totaling Rs 11,88,000.

Which office handles the registration for G.N.Chetty Street?

The Chennai Central Joint I Sub Registrar Office handles the registration for G.N.Chetty Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.