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 2 village and falls under the Chennai Central Joint I SRO. The land classification for this street is Commercial Special Type - III.

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

The guideline value for North Gopalapuram 1st Street has seen several revisions over the years. The register has no figure for this street from 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 12,000 per sq.ft, which increased by 10% to Rs 13,200 per sq.ft in the 2024 revision.

This increase reflects a significant adjustment in the guideline value, moving from Rs 12,000 per sq.ft in 2023 to Rs 13,200 per sq.ft in 2024. This change highlights the current valuation trends in the area, with the latest figure being effective from 1 July 2024.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value for North Gopalapuram 1st Street is 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 rate, the 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 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 precise calculations based on your property details.

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. For more information, you can find your SRO.

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

The guideline value is an essential factor during the registration of property transactions in Mylapore Part 2. It serves as a benchmark for determining the minimum value at which properties can be sold or bought, ensuring that the registration fees and stamp duties are calculated based on a standardized valuation.

When buying or selling property, it is crucial to understand that the guideline value will influence the overall costs involved in the transaction. Buyers and sellers should be aware of the current guideline value to ensure compliance with registration regulations and to avoid any discrepancies during the sale 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 did the guideline value change from 2023 to 2024?

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

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

The land classification for North Gopalapuram 1st Street is Commercial Special Type - III.

Where is the Sub Registrar Office for North Gopalapuram 1st Street located?

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

What is the median guideline value for streets in Mylapore Part 2?

The median guideline value for streets in Mylapore Part 2 is Rs 8,800 per sq.ft, with North Gopalapuram 1st Street's value being above this median.