Guideline Value for Gopal street

Gopal street guideline value

The current guideline value of Gopal street in Muthialpet village is Rs 4,900 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class I Type - III.

How the guideline value of Gopal street has changed

The guideline value for Gopal street has seen several revisions over the years. In the 2007 revision, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in the 2012 revision, marking a 200% rise. However, the value then decreased to Rs 3,015 per sq.ft in the 2017 revision, reflecting a 33% drop. The value rebounded to Rs 4,500 per sq.ft in the 2023 revision, and the latest revision in 2024 set the guideline value at Rs 4,900 per sq.ft, a 9% increase from the previous year.

There are no figures available for Gopal street in the 2002 and 2003 revisions. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 227%.

Guideline values in Muthialpet

In Muthialpet village, there are 160 streets under the Chennai North Joint I SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median guideline value in the village is Rs 5,500 per sq.ft, placing Gopal street's 2024 figure below that median.

• Gopal chetty street (Javer street): Rs 4,900 per sq.ft (2024)
• Gomes road: Rs 7,700 per sq.ft (2024)
• Granary street: Rs 7,100 per sq.ft (2024)
• Godown Street(Narayanasamy Garden Street): Rs 4,900 per sq.ft (2024)
• Grimini street: Rs 3,800 per sq.ft (2024)
• Girims street: Rs 5,500 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 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total fees to Rs 4,41,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gopal street?

The Gopal street is covered by the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Muthialpet, as it determines the minimum price at which a property can be registered. When buying or selling property, the guideline value serves as a benchmark for calculating stamp duty and registration fees.

During the registration process, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Gopal street?

The current guideline value of Gopal 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 from Rs 1,500 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, showing an overall increase of 227% over this period.

What are the stamp duty and registration fees for Gopal street?

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 street?

The Chennai North Joint I Sub Registrar Office covers Gopal street, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

What is the land classification of Gopal street?

Gopal street is classified as Residential Class I Type - III, indicating its designation for residential purposes within the area.