Guideline Value for Gopalapuram 2nd Street

Gopalapuram 2nd Street guideline value

The current guideline value of Gopalapuram 2nd Street is Rs 14,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 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 seen revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was Rs 13,000 per sq.ft, and it increased by 10% to Rs 14,300 per sq.ft in the 2024 revision.

This increase reflects the changes made in the guideline value register, where the latest revision has set the value significantly higher than the previous year. The current guideline value is now positioned above the median value of Rs 8,800 per sq.ft for the 332 streets in Mylapore Part 2 under the Chennai Central Joint I SRO.

Guideline values in Mylapore Part 2

The guideline values in Mylapore Part 2 vary across different streets, ranging from Rs 4,400 to Rs 25,300 per sq.ft. Gopalapuram 2nd Street's 2024 figure of Rs 14,300 per sq.ft is above the median value for the area.

• 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 rate of Rs 14,300 per sq.ft, the guideline value amounts to Rs 1,43,00,000. The stamp duty at 7% would be Rs 10,01,000, and the registration fee at 2% would be Rs 2,86,000, bringing the total amount to Rs 12,87,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gopalapuram 2nd Street?

The Gopalapuram 2nd Street is covered by 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 2

The guideline value plays a crucial role during the registration of property transactions in Mylapore Part 2. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, based on the established guideline value.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value for Gopalapuram 2nd Street was Rs 13,000 per sq.ft in 2023 and increased by 10% to Rs 14,300 per sq.ft in 2024. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Gopalapuram 2nd Street?

The land classification for Gopalapuram 2nd Street is Residential Special Type - IV. This classification is important for determining the use and regulations applicable to the property.

How is the stamp duty calculated for properties in Gopalapuram 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty would be Rs 10,01,000 at 7% of the guideline value.

Which office handles registrations for Gopalapuram 2nd Street?

The registrations for Gopalapuram 2nd Street are handled by the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.