Guideline Value for Gajapathy Lala Street

Gajapathy Lala Street guideline value

The current guideline value of Gajapathy Lala Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village, under the Triplicane SRO, and is classified as Residential Class II Type - I.

How the guideline value of Gajapathy Lala Street has changed

The guideline value for Gajapathy Lala Street has undergone several revisions over the years. In the 2007 revision, the value was Rs 1,145 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in the 2012 revision. However, it then decreased to Rs 3,350 per sq.ft in the 2017 revision. The 2023 revision saw a substantial increase to Rs 5,000 per sq.ft, followed by the current value of Rs 5,500 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. The overall change from the 2007 revision to the 2024 revision is an increase of 380%. The register has no figures for the years 2002 and 2003 for this street.

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, with a median of Rs 6,600 per sq.ft. The guideline value of Gajapathy Lala Street is below this median.

• Gaffur Street: Rs 6,600 per sq.ft (2024)
• 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)
• 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 Gajapathy Lala Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. Duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gajapathy Lala Street?

The Sub Registrar Office that covers Gajapathy Lala 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 is an important factor in the registration process for property transactions in Triplicane. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Gajapathy Lala Street?

The current guideline value of Gajapathy Lala Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,145 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 380% over this period.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Gajapathy Lala Street is 7% of the guideline value or the sale price, whichever is higher.

Which SRO covers Gajapathy Lala Street?

The Triplicane Sub Registrar Office covers Gajapathy Lala Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

What are the guideline values of other streets in Triplicane?

Other streets in Triplicane have varying guideline values, with Gaffur Street and its lanes at Rs 6,600 per sq.ft and Fire Wood Bank streets at Rs 2,700 per sq.ft as of 2024.