Guideline Value for Gaililiapuram

Gaililiapuram guideline value

The current guideline value of Gaililiapuram, located in Mylapore Part 2 village, under the Chennai Central Joint I SRO, is Rs 14,300 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Special Type - IV land classification.

How the guideline value of Gaililiapuram has changed

In the 2023 revision, the guideline value was Rs 13,000 per sq.ft. This represented a significant increase of 10% to the current value of Rs 14,300 per sq.ft in the 2024 revision. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Prior to the 2023 revision, there are no figures available for the years mentioned. The most recent change reflects the increasing valuation of properties in the area, with the current guideline value being higher than previous revisions.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of Gaililiapuram is above this median, indicating a higher valuation compared to many other streets in the area.

• Ganapathy Colony: Rs 8,700 per sq.ft (2024)
• Ganapathy Colony 1st Street: Rs 8,700 per sq.ft (2024)
• Ganapathy Colony 2nd Street: Rs 8,700 per sq.ft (2024)
• Ganapathy Colony 3rd Street: Rs 8,700 per sq.ft (2024)
• Ganapathy Colony Main Road: Rs 8,700 per sq.ft (2024)
• Ganapathy Mudali Street: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Gaililiapuram

For a 1,000 sq.ft plot at the current guideline value of Rs 14,300 per sq.ft, the total guideline value amounts to Rs 1,43,00,000. The stamp duty at 7% would be Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, bringing the total cost for these fees to Rs 12,87,000. 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 Gaililiapuram?

The Sub Registrar Office that covers Gaililiapuram is the Chennai Central Joint I 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 Mylapore Part 2

The guideline value is a crucial factor during the registration of property transactions in Mylapore Part 2. It serves as a reference point 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 assessed to ensure that the transaction is in compliance with legal requirements. Buyers and sellers must be aware of the guideline value as it directly impacts the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Gaililiapuram?

The current guideline value of Gaililiapuram is Rs 14,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024, marking a 10% increase. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification of Gaililiapuram?

Gaililiapuram falls under the Residential Special Type - IV land classification. This classification is important for understanding the zoning and permissible uses of the property.

What are the stamp duty rates applicable in Gaililiapuram?

The stamp duty rate in Gaililiapuram is 7%, while the registration fee is 2%. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Gaililiapuram located?

The Sub Registrar Office for Gaililiapuram is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. This office handles the registration of property transactions in the area.