Guideline Value for Gopal Nagar

Gopal Nagar guideline value

The current guideline value of Gopal Nagar, located in Pullilyon village under the Redhills SRO, is Rs 770 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Gopal Nagar has changed

The guideline value of Gopal Nagar has evolved significantly over the years. In 2003, the guideline value was Rs 70 per sq.ft, which increased to Rs 400 per sq.ft in 2007. The 2012 revision saw a rise to Rs 700 per sq.ft, but this was followed by a decrease to Rs 469 per sq.ft in 2017. The value then increased sharply to Rs 700 per sq.ft in 2023, and subsequently to Rs 770 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by a remarkable 1000%. The register does not provide figures for the year 2002 for this street.

Guideline values in Pullilyon

In Pullilyon village, there are 77 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 440 to Rs 2,200 per sq.ft. The median value for these streets is Rs 700 per sq.ft, placing Gopal Nagar's 2024 figure above this median.

• G.R.Garden Phase-I: Rs 700 per sq.ft (2024)
• G.R.Garden Phase-II: Rs 700 per sq.ft (2024)
• G.R. Haroon Ullasa City Nagar: Rs 770 per sq.ft (2024)
• Gangai Amman Koil Street: Rs 770 per sq.ft (2024)
• Jawaharlal Nagar: Rs 2,200 per sq.ft (2024)
• Jawahar Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gopal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty, charged at 7%, would amount to Rs 53,900, while the registration fee at 2% would be Rs 15,400, bringing the total fees together to Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gopal Nagar?

The Sub Registrar Office that covers Gopal Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Pullilyon, as it determines the minimum value at which properties can be registered. This value is used to calculate the stamp duty and registration fees that are payable during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Gopal Nagar?

The current guideline value of Gopal Nagar is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 70 per sq.ft in 2003 to Rs 770 per sq.ft in 2024, reflecting a significant increase over the years.

What is the land classification of Gopal Nagar?

Gopal Nagar is classified as Residential Class I Type - I, indicating its designation for residential development.

Where can I find the Sub Registrar Office for Gopal Nagar?

The Sub Registrar Office for Gopal Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for property transactions in Gopal Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, the stamp duty on a property valued at Rs 7,70,000 would be Rs 53,900 at a rate of 7%.