Guideline Value for Gopal Street(M.G.R.Nagar)

Gopal Street(M.G.R.Nagar) guideline value

The current guideline value of Gopal Street(M.G.R.Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Gopal Street(M.G.R.Nagar) has changed

Over the years, the guideline value for Gopal Street(M.G.R.Nagar) has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, marking a 49% rise. The latest revision in 2024 has further increased the value to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, comparing the figures from 2012 to 2024, there has been a 10% increase in the guideline value.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, indicating that Gopal Street(M.G.R.Nagar) is below this median value.

• Gopal Street (JPT): Rs 5,500 per sq.ft (2024)
• Gothandan Street: Rs 4,100 per sq.ft (2024)
• Gothandaramapillai Garden: Rs 4,100 per sq.ft (2024)
• Govindan Street Block 62: Rs 7,700 per sq.ft (2024)
• Gopalan Street (W.M): Rs 6,000 per sq.ft (2024)
• Gopalan Street (V.P): Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Gopal Street(M.G.R.Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total charges to Rs 2,97,000. It is essential to know that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gopal Street(M.G.R.Nagar)?

The Sub Registrar Office that covers Gopal Street(M.G.R.Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This helps maintain transparency and accountability in property dealings, ensuring that all parties are aware of the financial obligations associated with the transaction.

Frequently asked questions

What is the current guideline value for Gopal Street(M.G.R.Nagar)?

The current guideline value for Gopal Street(M.G.R.Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Gopal Street(M.G.R.Nagar)?

The land classification for Gopal Street(M.G.R.Nagar) is Residential Class IV Type - II.

Where can I find the Sub Registrar Office for Gopal Street(M.G.R.Nagar)?

The Sub Registrar Office for Gopal Street(M.G.R.Nagar) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Gopal Street(M.G.R.Nagar)?

Stamp duty is calculated based on the higher of the guideline value and the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.