Guideline Value for Gopal Reddiar Colony 2nd Street

Gopal Reddiar Colony 2nd Street guideline value

The current guideline value of Gopal Reddiar Colony 2nd Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village, under the Sembiam SRO, and is classified as Residential Special Type - I.

How the guideline value of Gopal Reddiar Colony 2nd Street has changed

Since the 2007 revision, the guideline value has seen significant changes. In 2007, the value was Rs 900 per sq.ft, which increased dramatically to Rs 4,500 per sq.ft in 2012, marking a 400% rise. However, it then decreased to Rs 3,015 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 4,500 per sq.ft in 2023, and currently stands at Rs 4,900 per sq.ft in 2024, reflecting a 9% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 444%.

Guideline values in Sembiam

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

• Gopal Reddiar Colony 2nd Cross Street: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 3rd Cross Street: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 1st Street: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 3rd Street: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 1st Cross 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 2nd 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 at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, totaling Rs 4,41,000. Duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gopal Reddiar Colony 2nd Street?

The Gopal Reddiar Colony 2nd Street is covered by 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 property transactions in Sembiam. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable during the sale or purchase of a property.

When buying or selling property, it is essential to be aware of the guideline value, as it can influence the overall transaction costs. Buyers must ensure that the sale price is not lower than the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Gopal Reddiar Colony 2nd Street?

The current guideline value of Gopal Reddiar Colony 2nd 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, reflecting a total increase of 444% over the years.

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

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which Sub Registrar Office covers Gopal Reddiar Colony 2nd Street?

The Sembiam Sub Registrar Office covers Gopal Reddiar Colony 2nd Street, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification for Gopal Reddiar Colony 2nd Street?

The land classification for Gopal Reddiar Colony 2nd Street is Residential Special Type - I.