Guideline Value for GAJAPATHI LALA STREET

Gajapathi Lala Street guideline value

The current guideline value of Gajapathi Lala Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class IV Type - III.

How the guideline value of Gajapathi Lala Street has changed

The guideline value of Gajapathi Lala Street has seen significant changes over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 720 per sq.ft. This increased to Rs 800 per sq.ft in 2003, marking an 11% rise. The value then rose sharply to Rs 1,540 per sq.ft in 2007, reflecting a 93% increase. By 2012, the value had further increased to Rs 6,500 per sq.ft, representing a substantial 322% growth. However, from 2012 to 2017, the value dropped to Rs 4,355 per sq.ft, showing a decrease of 33%. The most recent revision in 2024 has set the guideline value at Rs 7,100 per sq.ft, which is a 63% increase from the 2017 figure. The register has no figure for this street in 2023.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Gajapathi Lala Street's 2024 figure below that median.

• Gajapathi Lala 2nd Lane: Rs 4,900 per sq.ft (2024)
• Gajapathi Lala 1st Lane: Rs 4,900 per sq.ft (2024)
• Ganapathi Colony: Rs 8,800 per sq.ft (2024)
• Ganasapuram North Lane: Rs 4,900 per sq.ft (2024)
• Ganasapuram South Lane: Rs 3,300 per sq.ft (2024)
• Gandhi Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Gajapathi Lala Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, while the registration fee at 2% would be Rs 1,42,000, bringing the total fees to Rs 6,39,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gajapathi Lala Street?

The Gajapathi Lala Street is covered by the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Gajapathi Lala Street?

The current guideline value of Gajapathi Lala Street is Rs 7,100 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 720 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 886% over the years.

What is the registration office for Gajapathi Lala Street?

The registration office covering Gajapathi Lala Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is stamp duty calculated for properties in Gajapathi Lala Street?

Stamp duty is calculated based on the guideline value or the actual sale price, whichever is higher. For example, for a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 at a rate of 7%.

What are the guideline values of other streets in Mylapore?

Other streets in Mylapore have various guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. For instance, Ganapathi Colony has a guideline value of Rs 8,800 per sq.ft in 2024.