Guideline Value for North Gopalapuram 2nd Street

North Gopalapuram 2nd Street guideline value

The current guideline value of North Gopalapuram 2nd Street is Rs 13,200 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village under the Chennai Central Joint I SRO, and it is classified as Commercial Special Type - III.

How the guideline value of North Gopalapuram 2nd Street has changed

The guideline value for North Gopalapuram 2nd Street has undergone several revisions. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 12,000 per sq.ft, and it increased by 10% to Rs 13,200 per sq.ft in the 2024 revision.

This change reflects the adjustments made in the guideline value over the years, with the most recent increase being effective from 1 July 2024. The current rate positions this street above the median guideline value for Mylapore Part 2.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft, and the median is Rs 8,800 per sq.ft. North Gopalapuram 2nd Street's guideline value is significantly above this median.

• North Gopalapuram 1st 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 2nd 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, bringing the total to Rs 11,88,000. 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 North Gopalapuram 2nd Street?

The North Gopalapuram 2nd Street falls under 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 further assistance.

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

The guideline value is a crucial factor when registering property transactions in Mylapore Part 2. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When you buy or sell property, the guideline value influences the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of North Gopalapuram 2nd Street?

The current guideline value of North Gopalapuram 2nd Street is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 12,000 per sq.ft in 2023 to Rs 13,200 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for North Gopalapuram 2nd Street?

North Gopalapuram 2nd Street is classified as Commercial Special Type - III. This classification affects its guideline value and potential uses.

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

The Sub Registrar Office covering North Gopalapuram 2nd Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. This office handles all registration processes for properties in this area.

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

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