Guideline Value for North Gopalapuram 1st Street

North Gopalapuram 1st Street guideline value

The current guideline value of North Gopalapuram 1st Street is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village, under the Chennai Central Joint I SRO, and is classified as Commercial Special Type - III.

How the guideline value of North Gopalapuram 1st Street has changed

In the 2023 revision, the guideline value for North Gopalapuram 1st Street was Rs 12,000 per sq.ft. This represents a 10% increase to the current value of Rs 13,200 per sq.ft in the 2024 revision. There are no figures available for this street in the revisions from the years 2002, 2003, 2007, 2012, and 2017.

The most recent change from 2023 to 2024 indicates a significant upward adjustment, reflecting the current guideline value's position above the median for Mylapore Part 1. The previous revisions did not provide any guideline values for this street, making the current figure particularly noteworthy.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets listed under the Chennai Central Joint I SRO, with guideline values for 2024 ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median value is Rs 8,800 per sq.ft, placing North Gopalapuram 1st Street's 2024 guideline value above this median.

• North Gopalapuram 2nd Street: Rs 13,200 per sq.ft (2024)
• Olitta Rajani Road: Rs 8,700 per sq.ft (2024)
• Pachiappan Naicken street: Rs 8,700 per sq.ft (2024)
• Padmavathi Salai @ Jaipur Colony: Rs 15,400 per sq.ft (2024)
• Nattumuthu Naicken Street: Rs 8,700 per sq.ft (2024)
• Parasuram Nagar (North South): Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in North Gopalapuram 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value would be Rs 1,32,00,000. The stamp duty at 7% would amount to Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, totaling Rs 11,88,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers North Gopalapuram 1st Street?

The Sub Registrar Office that covers North Gopalapuram 1st 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 in the registration of property transactions in Mylapore Part 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value will influence the transaction process, as it is used to calculate the applicable stamp duty and registration fees. Buyers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of North Gopalapuram 1st Street?

The current guideline value of North Gopalapuram 1st Street is Rs 13,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 12,000 per sq.ft in 2023 to Rs 13,200 per sq.ft in 2024, reflecting a 10% increase.

What is the land classification for North Gopalapuram 1st Street?

North Gopalapuram 1st Street is classified as Commercial Special Type - III.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering North Gopalapuram 1st Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 1,32,00,000, the stamp duty would be Rs 9,24,000 at a rate of 7%.