Guideline Value for Gopal Street

Gopal Street guideline value

The current guideline value of Gopal Street, located in Madipakkam-1 village under the Velacheri SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of Gopal Street has changed

The guideline value of Gopal Street has undergone several revisions over the years. The earliest recorded figure is from 2017, which was Rs 1,005 per sq.ft. This value increased significantly to Rs 1,500 per sq.ft in 2023, marking a 49% rise. The most recent revision in 2024 saw the guideline value rise to Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for Gopal Street in the revisions from 2002, 2003, 2007, and 2012. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Gopal Street's 2024 figure below this median.

• Govindasamy Nagar 10th Street/New Kubera Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Govindasamy Nagar Extension(Arumugam Nagar): Rs 2,200 per sq.ft (2024)
• Govindasamy Nagar Part IV: Rs 2,200 per sq.ft (2024)
• Govindasamy Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 10th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gopal Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost for these fees to Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Gopal Street?

The Sub Registrar Office that covers Gopal Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for additional information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value of Gopal Street?

The current guideline value of Gopal Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, reflecting a 64% increase overall. The most recent revision saw a 10% increase from the previous year.

What are the other guideline values in Madipakkam-1?

In Madipakkam-1, the guideline values range from Rs 1,650 to Rs 5,500 per sq.ft, with a median of Rs 2,750 per sq.ft. Gopal Street's value is below this median.

What fees are associated with property transactions in Gopal Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500. These fees are calculated based on the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office covering Gopal Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.