Guideline Value for GOPATHY NARAYAN CHETTY LANE

Gopathy Narayan Chetty Lane guideline value

The current guideline value of Gopathy Narayan Chetty Lane is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class III Type - III.

How the guideline value of Gopathy Narayan Chetty Lane has changed

The guideline value of Gopathy Narayan Chetty Lane has undergone several revisions over the years. The 2012 revision set the guideline value at Rs 8,000 per sq.ft, which was then reduced to Rs 5,360 per sq.ft in the 2017 revision. The value saw a significant increase in the 2023 revision to Rs 8,000 per sq.ft, followed by another increase to Rs 8,800 per sq.ft in the 2024 revision, marking a 10% rise from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. Notably, the increase from 2017 to 2023 was 49%, while the 2012 to 2017 revision saw a decrease of 33%. The register has no figures for Gopathy Narayan Chetty Lane for the years 2002, 2003, and 2007.

Guideline values in Mylapore

Mylapore village has 883 streets under the Mylapore SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, which is the same as the current value for Gopathy Narayan Chetty Lane.

• Gopathy Narayanan Chetty Street (Bazaar Road): Rs 8,800 per sq.ft (2024)
• Govinda Samy Nagar: Rs 7,700 per sq.ft (2024)
• Govt. Quarters II Class: Rs 3,300 per sq.ft (2024)
• Gowdia Madam Salai: Rs 13,200 per sq.ft (2024)
• Gokulam Colony: Rs 3,300 per sq.ft (2024)
• Greenways Lane: Rs 17,600 per sq.ft (2024)

Stamp duty and registration fee for property in Gopathy Narayan Chetty Lane

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 to Rs 7,92,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gopathy Narayan Chetty Lane?

The Gopathy Narayan Chetty Lane falls under 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 is essential during the registration of property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration process is aligned with the prevailing market conditions as reflected in the guideline values.

Frequently asked questions

What is the current guideline value of Gopathy Narayan Chetty Lane?

The current guideline value of Gopathy Narayan Chetty Lane 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 from Rs 8,000 per sq.ft in 2012 to Rs 5,360 per sq.ft in 2017, then increased to Rs 8,000 per sq.ft in 2023, and finally to Rs 8,800 per sq.ft in 2024.

What is the land classification for Gopathy Narayan Chetty Lane?

Gopathy Narayan Chetty Lane is classified as Residential Class III Type - III.

Where can I find the Mylapore Sub Registrar Office?

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

How is stamp duty calculated for properties in Mylapore?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For Gopathy Narayan Chetty Lane, the guideline value is currently Rs 8,800 per sq.ft.