Guideline Value for Gopalapillai Street

Gopalapillai Street guideline value

The current guideline value of Gopalapillai Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Gopalapillai Street has changed

The guideline value for Gopalapillai Street has seen significant changes over the years. In the 2007 revision, the value was Rs 1,500 per sq.ft. This figure increased to Rs 4,500 per sq.ft in the 2023 revision, marking a substantial rise of 200%. The most recent revision in 2024 set the guideline value at Rs 4,950 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for Gopalapillai Street for the years 2002, 2003, 2007, 2012, and 2017. Overall, from 2007 to 2024, the guideline value has increased by 230%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value among these streets is Rs 4,400 per sq.ft, which means Gopalapillai Street's 2024 figure is above that median.

• Gopalakrishnan Street: Rs 4,400 per sq.ft (2024)
• Gomathy Nagar (facing Newly formed Inner Ring Road): Rs 5,500 per sq.ft (2024)
• Gomathi Nagar: Rs 3,850 per sq.ft (2024)
• Gopal Street,Annai Indira Nagar: Rs 4,400 per sq.ft (2024)
• Golden Avenue Main Road: Rs 3,850 per sq.ft (2024)
• Golden Avenue Extn Bhavani Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Gopalapillai Street

For a 1,000 sq.ft plot at the current rate of Rs 4,950 per sq.ft, the guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, totaling Rs 4,45,500. 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 for more detailed calculations.

Which Sub Registrar Office covers Gopalapillai Street?

The Sub Registrar Office that covers Gopalapillai 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 more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Velachery. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property.

When a property is sold, the guideline value serves as a benchmark for calculating these fees, ensuring that the government receives the appropriate revenue from property transactions. Buyers should be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Gopalapillai Street?

The current guideline value of Gopalapillai Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2007 revision, the guideline value has increased significantly. It rose from Rs 1,500 per sq.ft in 2007 to Rs 4,950 per sq.ft in 2024, an overall increase of 230%.

What are the stamp duty and registration fees for property in Gopalapillai Street?

For a property valued at Rs 49,50,000, the stamp duty is Rs 3,46,500, and the registration fee is Rs 99,000, totaling Rs 4,45,500.

Which office handles registrations for Gopalapillai Street?

The Velacheri Sub Registrar Office handles registrations for Gopalapillai Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors including land classification and location. It serves as a basis for calculating stamp duty and registration fees during property transactions.