Guideline Value for Geels street

Geels street guideline value

The current guideline value of Geels street in Muthialpet village is Rs 7,700 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Geels street has changed

The guideline value for Geels street has seen several revisions over the years. In 2007, the value was Rs 2,000 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012, marking a 250% rise. However, it then decreased to Rs 4,690 per sq.ft in 2017, reflecting a 33% decline. The value surged again to Rs 7,000 per sq.ft in 2023, and most recently, it has risen to Rs 7,700 per sq.ft in 2024, which is a 10% increase.

Overall, from 2007 to 2024, the guideline value has increased by 285%. The register does not have figures for Geels street for the years 2002 and 2003.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO, with 2024 guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, making Geels street's current value above this median.

• Geels lane: Rs 4,900 per sq.ft (2024)
• Girims street: Rs 5,500 per sq.ft (2024)
• Godown Street(Narayanasamy Garden Street): Rs 4,900 per sq.ft (2024)
• Gomes road: Rs 7,700 per sq.ft (2024)
• Gopal chetty street (Javer street): Rs 4,900 per sq.ft (2024)
• Gopal street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Geels street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, leading to a total of Rs 6,93,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Geels street?

The Sub Registrar Office that covers Geels street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Muthialpet. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for both parties. Buyers should be aware of the guideline value to ensure they are paying a fair price, while sellers must consider it when setting their sale price to comply with registration requirements.

Frequently asked questions

What is the current guideline value of Geels street?

The current guideline value of Geels street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 285%.

What is the land classification of Geels street?

Geels street is classified as Residential Class I Type - I under the Chennai North Joint I SRO.

What are the stamp duty and registration fees for property on Geels street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 77,00,000, the total fees would amount to Rs 6,93,000.

Which office handles property registrations for Geels street?

The Chennai North Joint I Sub Registrar Office handles property registrations for Geels street, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.