Guideline Value for Gopal Reddiar Colony 1st Street

Gopal Reddiar Colony 1st Street guideline value

The current guideline value of Gopal Reddiar Colony 1st Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village and falls under the Sembiam SRO, classified as Residential Special Type - I.

How the guideline value of Gopal Reddiar Colony 1st Street has changed

The guideline value for Gopal Reddiar Colony 1st Street has undergone several revisions over the years. In 2007, the guideline value was Rs 900 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012. However, it then decreased to Rs 3,015 per sq.ft in 2017. The 2023 revision set the value at Rs 4,500 per sq.ft, and the latest revision in 2024 raised it to Rs 4,900 per sq.ft.

Between the revisions, the changes were as follows: from 2007 to 2012, there was a notable increase of 400%. However, from 2012 to 2017, the value decreased by 33%. The value then rose by 49% from 2017 to 2023, and finally, there was a 9% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 444%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that carry a guideline value for 2024, ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, placing Gopal Reddiar Colony 1st Street's 2024 guideline value above this median.

• Gopal Reddiar Colony 1st Cross Street: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 2nd Cross Street: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 2nd Street: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 3rd Cross Street: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 3rd Street: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 4th Cross Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Gopal Reddiar Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty, charged at 7%, would amount to Rs 3,43,000, while the registration fee at 2% would be Rs 98,000. Together, these fees would total Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gopal Reddiar Colony 1st Street?

The Sub Registrar Office that covers Gopal Reddiar Colony 1st Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Sembiam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the guideline value is compared to the sale price, and the duty is charged on the higher of the two. This ensures that the registration fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Gopal Reddiar Colony 1st Street?

The current guideline value of Gopal Reddiar Colony 1st Street is Rs 4,900 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 900 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, marking an overall increase of 444% from 2007 to 2024.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 4,41,000.

Which office registers properties in Gopal Reddiar Colony 1st Street?

The Sembiam Sub Registrar Office is responsible for registering properties in Gopal Reddiar Colony 1st Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification for Gopal Reddiar Colony 1st Street?

Gopal Reddiar Colony 1st Street is classified as Residential Special Type - I, indicating its suitability for residential development.