Guideline Value for Gomathi Street

Gomathi Street guideline value

The current guideline value of Gomathi Street in Chitlapakkam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - II.

How the guideline value of Gomathi Street has changed

The guideline value for Gomathi Street has undergone several revisions over the years. The figures are as follows: in 2012, the value was Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in 2017. Following this, the value rose significantly to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024. Notably, there are no figures available for the revisions in 2002, 2003, and 2007.

Examining the changes, from 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a substantial increase of 49%. The most recent change from 2023 to 2024 shows an increase of 10%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 1,650 per sq.ft. Gomathi Street's 2024 guideline value is above this median.

• Gomathi Nagar Yamuna Street: Rs 2,750 per sq.ft (2024)
• Gomathi Nagar: Rs 2,750 per sq.ft (2024)
• Gopalraw street: Rs 1,650 per sq.ft (2024)
• Govindasamy Street: Rs 1,100 per sq.ft (2024)
• Gowsalya Nagar: Rs 3,300 per sq.ft (2024)
• Gowthaman St: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Gomathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty, calculated at 7%, would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gomathi Street?

The Sub Registrar Office that covers Gomathi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration of property transactions in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees that buyers and sellers must pay when completing a property transaction.

When a property is bought or sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. This value is essential for both buyers and sellers to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Gomathi Street?

The current guideline value of Gomathi Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What are the stamp duty and registration fees for properties on Gomathi Street?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office is responsible for Gomathi Street?

The Tambaram Joint 1 Sub Registrar Office is responsible for Gomathi Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the land classification for Gomathi Street?

Gomathi Street is classified as Residential Class I Type - II, indicating its suitability for residential development.