Guideline Value for Old G.S.T. Street

Old G.S.T. Street guideline value

The current guideline value of Old G.S.T. Street in Irumpuliyur village is Rs 6,600 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Commercial Class I Type - I.

How the guideline value of Old G.S.T. Street has changed

The guideline value for Old G.S.T. Street has seen several revisions over the years. In 2007, the value was Rs 3,000 per sq.ft, which increased to Rs 6,000 per sq.ft in 2012. However, there was a significant drop to Rs 4,020 per sq.ft in 2017. The value then rose to Rs 6,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 6,600 per sq.ft. The register has no figures for the years 2002 and 2003.

From 2012 to 2017, there was a decrease of 33%, while the value increased by 49% from 2017 to 2023. The jump from 2023 to 2024 reflects a 10% increase. Overall, from 2007 to 2024, the guideline value has risen by 120%.

Guideline values in Irumpuliyur

In Irumpuliyur, there are 218 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 880 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Old G.S.T. Street's 2024 figure above that median.

• Old M.S.P.Lane: Rs 2,530 per sq.ft (2024)
• North Street: Rs 2,200 per sq.ft (2024)
• N.K.Lane: Rs 1,650 per sq.ft (2024)
• Nithiyanandam Nagar Main Road: Rs 2,530 per sq.ft (2024)
• Nithiyanandam Nagar 4-th St: Rs 2,530 per sq.ft (2024)
• Nithiyanandam Nagar 3-rd St: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Old G.S.T. Street

For a 1,000 sq.ft plot at the current rate of Rs 6,600 per sq.ft, the guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Old G.S.T. Street?

The Sub Registrar Office that covers Old G.S.T. Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Irumpuliyur. It is used to determine the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value serves as a baseline for calculating the applicable taxes, ensuring that both the buyer and seller are aware of the financial obligations involved in the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Old G.S.T. Street?

The current guideline value of Old G.S.T. Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 120% over the years.

What is the land classification for Old G.S.T. Street?

Old G.S.T. Street is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for Old G.S.T. Street?

The Sub Registrar Office for Old G.S.T. Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in Irumpuliyur?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 66,00,000 would incur a stamp duty of Rs 4,62,000 at a rate of 7%.