Guideline Value for G.S.T. Road (PART)

G.S.T. Road (PART) guideline value

The current guideline value of G.S.T. Road (PART) in Issa Pallavaram village is Rs 11,000 per sq.ft, effective from 1 July 2024. This property falls under the Pallavaram Sub Registrar Office (SRO) and is classified as Commercial Class I Type - I.

How the guideline value of G.S.T. Road (PART) has changed

The guideline value for G.S.T. Road (PART) has seen significant changes over the years. In 2003, the guideline value was Rs 1,702 per sq.ft. It increased dramatically to Rs 10,000 per sq.ft in 2012, marking a rise of 488%. However, it then decreased to Rs 6,700 per sq.ft in 2017, a reduction of 33%. The value surged again to Rs 10,000 per sq.ft in 2023, and finally, it was set at Rs 11,000 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

Between 2017 and 2023, the guideline value increased by 49%. Overall, from 2003 to 2024, the guideline value has risen by 546%. It is important to note that the register has no figures for the years 2002 and 2007 for this street.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, making the current value of G.S.T. Road (PART) above that median.

• G.S.T.Road(Part Durga Road Junction): Rs 11,000 per sq.ft (2024)
• G.S.T.Road(Station Road Junction To Municipal Limit): Rs 11,000 per sq.ft (2024)
• Hemanathapillai Avenue 1: Rs 4,400 per sq.ft (2024)
• Hemanatha Pillai Avenue Ramlingar Street: Rs 3,850 per sq.ft (2024)
• Hussian Basha 1ST Cross Street: Rs 3,850 per sq.ft (2024)
• Hussian Basha 2ND Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in G.S.T. Road (PART)

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, totaling Rs 9,90,000. It is crucial to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers G.S.T. Road (PART)?

The G.S.T. Road (PART) is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a critical role when buying or selling property in Issa Pallavaram. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers should be aware that the guideline value is the minimum value considered for these calculations.

When a property is sold, the sale price cannot be lower than the guideline value set for that area. This ensures that the government receives appropriate revenue from property transactions, and it helps maintain a standardized valuation across the region.

Frequently asked questions

What is the current guideline value of G.S.T. Road (PART)?

The current guideline value of G.S.T. Road (PART) is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,702 per sq.ft in 2003 to Rs 11,000 per sq.ft in 2024, showing an overall increase of 546% over the years.

What is the land classification of G.S.T. Road (PART)?

G.S.T. Road (PART) is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

Where can I find the registration office for G.S.T. Road (PART)?

The registration office for G.S.T. Road (PART) is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in Issa Pallavaram?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 1,10,00,000, the stamp duty at 7% would be Rs 7,70,000.