Guideline Value for Gowthamar Street

Gowthamar Street guideline value

The current guideline value of Gowthamar Street in Sembiam village, under the Sembiam SRO, is Rs 1,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Gowthamar Street has changed

The guideline value for Gowthamar Street has seen several revisions over the years. In 2002, the value was Rs 251 per sq.ft, which increased significantly to Rs 900 per sq.ft by 2007, marking a 259% rise. The value then reached Rs 1,800 per sq.ft in 2012, reflecting a 100% increase from the previous revision. However, it decreased by 33% to Rs 1,206 per sq.ft in 2017.

From 2017 to 2023, the guideline value surged by 49% to Rs 1,800 per sq.ft, and it further increased by 6% to the current rate of Rs 1,900 per sq.ft in 2024. Notably, there is no figure available for Gowthamar Street in the 2003 revision.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO, with guideline values ranging from Rs 1,700 to Rs 7,100 per sq.ft as of 2024. The median guideline value for these streets is Rs 2,700 per sq.ft, positioning Gowthamar Street's current value below this median.

• Gurumoorthy Nagar: Rs 1,900 per sq.ft (2024)
• Gurusamy Gramani Street: Rs 1,700 per sq.ft (2024)
• Gopal Reddiar Colony East Main Road: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 6th Street: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 6th Cross Street: Rs 4,900 per sq.ft (2024)
• Gopal Reddiar Colony 5th Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Gowthamar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, making the total cost for these fees Rs 1,71,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Gowthamar Street?

The Sub Registrar Office that covers Gowthamar Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Sembiam. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees required during the registration process.

Additionally, it is essential to understand that the guideline value may differ from the actual sale price. Buyers and sellers should be aware that the duty is charged based on the higher of the guideline value or the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Gowthamar Street?

The current guideline value of Gowthamar Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 251 per sq.ft in 2002 to Rs 1,900 per sq.ft in 2024, reflecting an overall increase of 657% over the years.

What is the land classification for Gowthamar Street?

Gowthamar Street is classified as Residential Class II Type - I, which indicates its suitability for residential development.

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

For a property valued at Rs 19,00,000, the stamp duty is Rs 1,33,000, and the registration fee is Rs 38,000, totaling Rs 1,71,000.

Where is the Sub Registrar Office for Gowthamar Street located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011, and it handles registrations for Gowthamar Street.