Guideline Value for Gopalapuram 2nd Street

Gopalapuram 2nd Street guideline value

The current guideline value for Gopalapuram 2nd Street is Rs 14,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Special Type - IV.

How the guideline value of Gopalapuram 2nd Street has changed

The guideline value for Gopalapuram 2nd Street has undergone several revisions over the years. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 13,000 per sq.ft, which increased by 10% to Rs 14,300 per sq.ft in the 2024 revision.

This increase reflects the current valuation trends in the area, with the 2024 figure being the latest available. The 2024 revision marks a significant change from the previous year, indicating a notable adjustment in the valuation for this street.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Gopalapuram 2nd Street's current value above this median.

• Gopalapuram 1st Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 3rd Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 4th Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 5th Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 6th Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 7th Street: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Gopalapuram 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 14,300 per sq.ft, the total guideline value would be Rs 1,43,00,000. The stamp duty at 7% would amount to Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, totaling Rs 12,87,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gopalapuram 2nd Street?

The Sub Registrar Office that covers Gopalapuram 2nd Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor during the registration of property transactions in Mylapore Part 1. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a buyer or seller approaches the registration office, the guideline value helps in calculating the applicable fees based on the property's value. This ensures that the transaction is recorded accurately and complies with the local regulations.

Frequently asked questions

What is the current guideline value for Gopalapuram 2nd Street?

The current guideline value for Gopalapuram 2nd Street is Rs 14,300 per sq.ft, effective from 1 July 2024.

How much did the guideline value change from 2023 to 2024?

The guideline value increased from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024, marking a 10% rise.

What is the median guideline value for streets in Mylapore Part 1?

The median guideline value for streets in Mylapore Part 1 is Rs 8,800 per sq.ft, with Gopalapuram 2nd Street's value being above this median.

What is the registration fee for property in Gopalapuram 2nd Street?

The registration fee is calculated at 2% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 1,43,00,000, the registration fee would be Rs 2,86,000.

Where is the Sub Registrar Office for Gopalapuram 2nd Street located?

The Sub Registrar Office for Gopalapuram 2nd Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.