Guideline Value for G.S.T. Road

G.S.T. Road guideline value

The current guideline value of G.S.T. Road in Chitlapakkam village is Rs 8,800 per sq.ft, effective from 1 July 2024. This property falls under the Tambaram Joint 1 SRO and is classified as Commercial Class I Type - I.

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

Over the years, the guideline value of G.S.T. Road has seen several revisions. The 2012 revision recorded a guideline value of Rs 8,000 per sq.ft, which was later reduced to Rs 5,360 per sq.ft in 2017. Following this, the value increased significantly to Rs 8,000 per sq.ft in 2023 and further rose to Rs 8,800 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. The overall change from the 2012 revision to the 2024 revision shows a modest increase of 10%. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for the village is Rs 1,650 per sq.ft, placing G.S.T. Road's 2024 figure above this median.

• Guhan Street: Rs 1,650 per sq.ft (2024)
• Gowthaman St: Rs 1,650 per sq.ft (2024)
• Gowsalya Nagar: Rs 3,300 per sq.ft (2024)
• Govindasamy Street: Rs 1,100 per sq.ft (2024)
• Gopalraw street: Rs 1,650 per sq.ft (2024)
• Gomathi Street: Rs 2,750 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total fees to Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers G.S.T. Road?

The G.S.T. Road is covered by 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 Chitlapakkam

The guideline value plays a crucial role during the registration of property transactions in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is documented at an officially recognized value.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property should be registered. This ensures transparency and compliance with local regulations during the transaction process.

Frequently asked questions

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

The current guideline value of G.S.T. Road is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with a reduction in 2017 followed by increases in subsequent years, culminating in a current value of Rs 8,800 per sq.ft from Rs 8,000 in 2023.

What is the land classification for G.S.T. Road?

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

What are the stamp duty and registration fees for property on G.S.T. Road?

For a 1,000 sq.ft plot, the total stamp duty is Rs 6,16,000 and the registration fee is Rs 1,76,000, totaling Rs 7,92,000 based on the current guideline value.

Which Sub Registrar Office handles registrations for G.S.T. Road?

The Tambaram Joint 1 Sub Registrar Office handles registrations for G.S.T. Road, located at No.26, Mes Road, East Tambaram, Chennai-600059.