Guideline Value for Gowthamar Street

Gowthamar Street guideline value

The current guideline value of Gowthamar Street is Rs 950 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Gowthamar Street has changed

The guideline value for Gowthamar Street has undergone several revisions over the years. In the 2007 revision, the value was Rs 450 per sq.ft, which increased to Rs 900 per sq.ft in 2012, marking a 100% rise. However, in the 2017 revision, the value decreased to Rs 603 per sq.ft, a drop of 33%. The value then saw a significant increase to Rs 900 per sq.ft in the 2023 revision, followed by a further increase to the current value of Rs 950 per sq.ft in 2024, representing a 6% rise. The register has no figures for the years 2002 and 2003.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 111%. The changes between each revision highlight the fluctuations in the guideline value over the years, reflecting various factors influencing property valuation.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Gowthamar Street is below this median, indicating it is more affordable compared to many other streets in the area.

• George Avenue: Rs 2,900 per sq.ft (2024)
• Guruthuvara South Part: Rs 2,200 per sq.ft (2024)
• Hasan Nagar Colony: Rs 2,400 per sq.ft (2024)
• Ganesh Nagar Silapathikaram Street: Rs 2,900 per sq.ft (2024)
• Ganesh Nagar Main Road: Rs 2,900 per sq.ft (2024)
• Ganesh Nagar 4th Street: Rs 2,900 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 950 per sq.ft, the total guideline value amounts to Rs 9,50,000. The stamp duty is charged at 7%, which totals Rs 66,500, while the registration fee is at 2%, amounting to Rs 19,000. Together, the total fees would come to Rs 85,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gowthamar Street?

The Sub Registrar Office that covers Gowthamar Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Selaiyur. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This value ensures that the fees are calculated fairly based on the established rates set by the Registration Department.

During the registration process, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions within the region.

Frequently asked questions

What is the current guideline value of Gowthamar Street?

The current guideline value of Gowthamar Street is Rs 950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2007 revision, the guideline value has increased from Rs 450 per sq.ft to Rs 950 per sq.ft in 2024, marking an overall increase of 111%.

What are the stamp duty and registration fees for properties on Gowthamar Street?

For a 1,000 sq.ft plot valued at Rs 9,50,000, the stamp duty amounts to Rs 66,500, and the registration fee is Rs 19,000, totaling Rs 85,500.

Which office handles property registrations for Gowthamar Street?

The Selaiyur Sub Registrar Office handles property registrations for Gowthamar Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for Gowthamar Street?

Gowthamar Street is classified as Residential Class IV Type - II, indicating its designation for residential use within the Selaiyur village.