Guideline Value for Gopalapuram 4th Street

Gopalapuram 4th Street guideline value

The current guideline value of Gopalapuram 4th 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 4th Street has changed

The guideline value for Gopalapuram 4th Street has undergone several revisions over the years. As per the register, there are no figures available for the years 2002, 2003, 2007, 2012, and 2017. The most recent revisions show that the guideline value was Rs 13,000 per sq.ft in 2023, which increased by 10% to Rs 14,300 per sq.ft in 2024.

Prior to the 2023 revision, the register does not provide any figures for Gopalapuram 4th Street. The current figure of Rs 14,300 per sq.ft is significantly higher than the median guideline 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 range from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Gopalapuram 4th Street's 2024 guideline value is above this median. Below are the guideline values for other streets in Mylapore Part 2:

• Gopalapuram 5th Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 3rd Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 6th Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 2nd Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 7th Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 8th Street: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Gopalapuram 4th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 14,300 per sq.ft, the total 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, totaling Rs 12,87,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Gopalapuram 4th Street?

The Sub Registrar Office that covers Gopalapuram 4th 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 details.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is an important factor in the registration process when buying or selling property in Mylapore Part 2. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the authorities use the guideline value to assess the applicable charges. Buyers should be aware that the duty is charged on the higher of the guideline value or the sale price, ensuring that the correct fees are paid to the registration office.

Frequently asked questions

What is the current guideline value of Gopalapuram 4th Street?

The current guideline value of Gopalapuram 4th 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 changed from Rs 13,000 per sq.ft in 2023 to Rs 14,300 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What are the stamp duty and registration fees for properties in Gopalapuram 4th Street?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 12,87,000.

Which office handles property registrations in Mylapore Part 2?

The Chennai Central Joint I Sub Registrar Office handles property registrations in Mylapore Part 2. It is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is essential for buyers and sellers to understand this value to ensure compliance with registration requirements.