Guideline Value for Gomes road

Gomes road guideline value

The current guideline value of Gomes road 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 Gomes road has changed

The guideline value for Gomes road has seen several revisions over the years. In the 2007 revision, the value was set at Rs 2,600 per sq.ft. This increased significantly to Rs 7,000 per sq.ft in the 2012 revision, followed by a decrease to Rs 4,690 per sq.ft in 2017. The 2023 revision raised it to Rs 7,000 per sq.ft, and the latest revision in 2024 has further increased it to Rs 7,700 per sq.ft.

In terms of percentage changes, the value increased by 169% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then rose by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 196%. The register has no figures for the years 2002 and 2003 for this street.

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 is Rs 5,500 per sq.ft, placing Gomes road's 2024 figure above this median.

• Gopal chetty street (Javer street): Rs 4,900 per sq.ft (2024)
• Gopal street: Rs 4,900 per sq.ft (2024)
• Godown Street(Narayanasamy Garden Street): Rs 4,900 per sq.ft (2024)
• Girims street: Rs 5,500 per sq.ft (2024)
• Granary street: Rs 7,100 per sq.ft (2024)
• Grimini street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Gomes road

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, charged at 7%, would be Rs 5,39,000, while the registration fee at 2% would be Rs 1,54,000, bringing the total fees to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gomes road?

The Gomes road is covered by the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Muthialpet. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately, reflecting the official value assigned to the property. This process helps maintain transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value of Gomes road?

The current guideline value of Gomes road 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 undergone several revisions, with the most recent increase of 10% from Rs 7,000 per sq.ft in 2023 to Rs 7,700 per sq.ft in 2024.

What is the land classification of Gomes road?

Gomes road is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty rates for property transactions?

The stamp duty rate for property transactions is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Gomes road located?

The Sub Registrar Office covering Gomes road is located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.