Guideline Value for GOPAL NAGAR

Gopal Nagar guideline value

The current guideline value of Gopal Nagar, located in Pallikaranai village, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Gopal Nagar has changed

The guideline value for Gopal Nagar has seen several revisions over the years. In the 2002 revision, the value was Rs 102 per sq.ft, which increased to Rs 120 per sq.ft in 2003. Following this, the value rose significantly to Rs 400 per sq.ft in 2007, marking a 233% increase. The 2012 revision saw the value remain at Rs 1,500 per sq.ft, but this was a decrease of 33% from the previous revision. In 2017, the guideline value increased to Rs 1,005 per sq.ft, followed by a substantial rise to Rs 1,500 per sq.ft in 2023, and finally reaching Rs 1,650 per sq.ft in the 2024 revision, representing a 10% increase from the previous year.

Overall, since 2002, the guideline value has increased by 1518%. The register has no figures for the years not mentioned in the provided data.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with the 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which is equal to the current guideline value of Gopal Nagar.

• Gopal Nagar Cross Street: Rs 1,650 per sq.ft (2024)
• Gopal Nagar Extension: Rs 1,650 per sq.ft (2024)
• Gopal Nagar S.Kolathur Road: Rs 1,650 per sq.ft (2024)
• Govindan Street: Rs 1,320 per sq.ft (2024)
• Govindasamy Avenue: Rs 1,320 per sq.ft (2024)
• Govindasamy Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Gopal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total charges to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gopal Nagar?

The Sub Registrar Office that covers Gopal Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Pallikaranai. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. Buyers should be aware that these fees are calculated based on the higher value between the guideline value and the sale price.

It is essential for both buyers and sellers to understand the guideline value as it directly impacts the overall cost of property transactions. Proper knowledge of the guideline value ensures that all legal requirements are met during the registration process.

Frequently asked questions

What is the current guideline value of Gopal Nagar?

The current guideline value of Gopal Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 102 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, showing an overall increase of 1518% over the years.

What are the stamp duty and registration fees for property in Gopal Nagar?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles registrations for Gopal Nagar?

The Chennai South Joint I Sub Registrar Office handles registrations for Gopal Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It is essential to consider the guideline value as it determines the costs associated with buying or selling property.