Guideline Value for Gaffur Street

Gaffur Street guideline value

The current guideline value of Gaffur Street in Triplicane village, under the Triplicane SRO, is Rs 6,600 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Class I Type - I.

How the guideline value of Gaffur Street has changed

Over the years, the guideline value of Gaffur Street has seen several revisions. The 2012 revision set the value at Rs 6,000 per sq.ft, which then decreased to Rs 4,020 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 6,000 per sq.ft, and the most recent 2024 revision has brought it up to Rs 6,600 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

The changes between revisions are significant. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from the 2012 revision to the 2024 revision reflects a 10% increase.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a 2024 guideline value, ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median value among these streets is Rs 6,600 per sq.ft, which is the same as the current guideline value for Gaffur Street.

• Gaffur 3rd Lane: Rs 6,600 per sq.ft (2024)
• Gaffur 2nd Lane: Rs 6,600 per sq.ft (2024)
• Gaffur 1st Lane: Rs 6,600 per sq.ft (2024)
• Gajapathy Lala Street: Rs 5,500 per sq.ft (2024)
• Fire Wood Bank 2nd Street: Rs 2,700 per sq.ft (2024)
• Fire Wood Bank 1st Street (Old): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Gaffur Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000, bringing the total fees together to Rs 5,94,000. It's important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gaffur Street?

The Sub Registrar Office that covers Gaffur Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware that these fees are 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 Gaffur Street?

The current guideline value of Gaffur Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 6,000 per sq.ft in 2012 to Rs 4,020 per sq.ft in 2017, then to Rs 6,000 per sq.ft in 2023, and finally to Rs 6,600 per sq.ft in 2024.

What are the other streets in Triplicane with the same guideline value?

Other streets in Triplicane with the same guideline value of Rs 6,600 per sq.ft include Gaffur 1st Lane, Gaffur 2nd Lane, and Gaffur 3rd Lane.

What is the registration fee for property in Gaffur Street?

The registration fee for property in Gaffur Street is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 66,00,000, the registration fee would be Rs 1,32,000 at 2%.

Where can I find the Sub Registrar Office for Gaffur Street?

The Sub Registrar Office for Gaffur Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find more details by visiting the relevant link.