Guideline Value for Gopalapuram 7th Street

Gopalapuram 7th Street guideline value

The current guideline value of Gopalapuram 7th 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 7th Street has changed

The guideline value for Gopalapuram 7th Street has seen 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 adjustments made to the guideline values in the area. The 2024 revision marks a notable change from the previous year, showcasing a significant rise in the guideline value per sq.ft.

Guideline values in Mylapore Part 1

Mylapore Part 1 comprises 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Gopalapuram 7th Street's 2024 figure above that median.

• Gopalapuram 6th Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 8th Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 5th Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 4th Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 3rd Street: Rs 14,300 per sq.ft (2024)
• Gopalapuram 2nd Street: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Gopalapuram 7th 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, bringing the total cost together to Rs 12,87,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gopalapuram 7th Street?

The Sub Registrar Office that covers Gopalapuram 7th 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 property registration in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees payable when a property is bought or sold.

When a transaction occurs, the guideline value helps ensure that the property is registered at a fair value, which is essential for the legal transfer of ownership. Buyers and sellers 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 Gopalapuram 7th Street?

The current guideline value of Gopalapuram 7th 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 7th Street has 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 land classification for Gopalapuram 7th Street?

The land classification for Gopalapuram 7th Street is Residential Special Type - IV, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 1,43,00,000, the stamp duty would be Rs 10,01,000 and the registration fee would be Rs 2,86,000, totaling Rs 12,87,000.

Which office handles registrations for Gopalapuram 7th Street?

The Chennai Central Joint I Sub Registrar Office handles registrations for Gopalapuram 7th Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.