Guideline Value for GOPATHY NARAYANAN CHETTY STREET (BAZAAR ROAD)

Gopathy Narayanan Chetty Street (Bazaar Road) guideline value

The current guideline value of Gopathy Narayanan Chetty Street (Bazaar Road) 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 Narayanan Chetty Street (Bazaar Road) has changed

The guideline value for Gopathy Narayanan Chetty Street (Bazaar Road) has seen several revisions over the years. The 2012 revision set the value at Rs 8,000 per sq.ft, which was then reduced to Rs 5,360 per sq.ft in the 2017 revision, marking a decrease of 33%. Following this, the value increased significantly to Rs 8,000 per sq.ft in the 2023 revision, and subsequently rose by 10% to reach the current value of Rs 8,800 per sq.ft in the 2024 revision.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023, and from 2023 to 2024, it increased by 10%. The overall change from the 2012 revision to the 2024 revision shows a slight increase of 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with 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 equal to the current value of Gopathy Narayanan Chetty Street (Bazaar Road).

• Gopathy Narayan Chetty Lane: 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 Narayanan Chetty Street (Bazaar 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, charged at 7%, would be Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000. Together, these fees total Rs 7,92,000. 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 information.

Which Sub Registrar Office covers Gopathy Narayanan Chetty Street (Bazaar Road)?

The Sub Registrar Office that covers Gopathy Narayanan Chetty Street (Bazaar Road) is 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property transaction occurs, the guideline value ensures that the government receives appropriate revenue through stamp duty. Buyers and sellers must be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Gopathy Narayanan Chetty Street (Bazaar Road)?

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

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 88,00,000, the stamp duty is Rs 6,16,000 and the registration fee is Rs 1,76,000, totaling Rs 7,92,000.

Which Sub Registrar Office covers this street?

The Mylapore Sub Registrar Office covers Gopathy Narayanan Chetty Street (Bazaar Road) and is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Gopathy Narayanan Chetty Street?

The land classification for Gopathy Narayanan Chetty Street (Bazaar Road) is Residential Class III Type - III.