Guideline Value for Gopal Street

Gopal Street guideline value

The current guideline value of Gopal Street, located in Madambakkam village, is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Selaiyur SRO and is classified as Commercial Class I Type - I.

How the guideline value of Gopal Street has changed

In the 2012 revision, the guideline value was set at Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2024, there was a significant increase of 64%, bringing the current guideline value to Rs 2,750 per sq.ft. The register has no figures for the years 2002, 2003, 2007, and 2023.

Overall, comparing the values from 2012 to 2024, there has been a slight increase of 10%. This shows that while there was a dip in the mid-period, the guideline value has rebounded to a level above the 2012 figure.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 2,400 per sq.ft, which means Gopal Street's current value is above this median.

• Gomathi Star City: Rs 2,750 per sq.ft (2024)
• Greater Kailash 1st Cross Street: Rs 1,600 per sq.ft (2024)
• Greater Kailash 1st Street: Rs 1,600 per sq.ft (2024)
• Greater Kailash 2nd Cross Street: Rs 1,600 per sq.ft (2024)
• Greater Kailash 2nd Street: Rs 1,600 per sq.ft (2024)
• Greater Kailash 3rd Cross Street: Rs 1,600 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator to estimate your costs.

Which Sub Registrar Office covers Gopal Street?

The Sub Registrar Office that covers Gopal Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opposite to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buyers and sellers agree on a sale price, the guideline value is compared to this price. The higher of the two figures is used to calculate the stamp duty and registration fees, thereby impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Gopal Street?

The current guideline value of Gopal Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Gopal Street decreased from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,750 per sq.ft in 2024. The overall change from 2012 to 2024 is an increase of 10%.

What is the land classification for Gopal Street?

Gopal Street is classified as Commercial Class I Type - I, which influences its guideline value and potential uses.

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

The Sub Registrar Office for Gopal Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is stamp duty calculated for properties in Gopal Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the guideline value of Rs 27,50,000, the stamp duty would be Rs 1,92,500 at 7%.