Guideline Value for Old G.S.T.Road 2

Old G.S.T.Road 2 guideline value

The current guideline value of Old G.S.T.Road 2 is Rs 3,025 per sq.ft, effective from 1 July 2024. This street is located in Chengalpattu Town village and falls under the Chengleput Joint I SRO. The land classification for this area is Residential Special Type - V.

How the guideline value of Old G.S.T.Road 2 has changed

The guideline value for Old G.S.T.Road 2 has seen several revisions over the years. In 2007, the guideline value was Rs 450 per sq.ft, which increased significantly to Rs 2,750 per sq.ft in 2012. However, in 2017, it decreased to Rs 1,842 per sq.ft. The value then rose to Rs 2,750 per sq.ft in 2023, before reaching the current rate of Rs 3,025 per sq.ft in 2024.

From 2017 to 2023, the value increased by 49%. The revision from 2023 to 2024 shows a 10% rise. Overall, from 2007 to 2024, there has been a substantial increase of 572%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chengalpattu Town

In Chengalpattu Town, there are 55 streets under the Chengleput Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 3,025 per sq.ft, which is equal to the current guideline value of Old G.S.T.Road 2.

• Old G.S.T.Road 3: Rs 3,025 per sq.ft (2024)
• Old G.S.T.Road 1: Rs 3,025 per sq.ft (2024)
• Ottapalayam (a) Sasthiri Nagar: Rs 1,650 per sq.ft (2024)
• Ottapalayam Santhu: Rs 1,650 per sq.ft (2024)
• Periyamaniyakara Street: Rs 4,125 per sq.ft (2024)
• Municipal Colony: Rs 2,475 per sq.ft (2024)

Stamp duty and registration fee for property in Old G.S.T.Road 2

For a 1,000 sq.ft plot at the current guideline value of Rs 3,025 per sq.ft, the total guideline value amounts to Rs 30,25,000. The stamp duty at 7% would be Rs 2,11,750, and the registration fee at 2% would be Rs 60,500, bringing the total fees to Rs 2,72,250. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Old G.S.T.Road 2?

The Sub Registrar Office that covers Old G.S.T.Road 2 is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, 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 Chengalpattu Town

The guideline value is a crucial factor in property transactions in Chengalpattu Town. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

During the registration process, the guideline value is used to calculate stamp duty and registration fees, which are mandatory for all property transactions. It is important for buyers to be aware of the guideline value to avoid any discrepancies during the registration of their property.

Frequently asked questions

What is the current guideline value of Old G.S.T.Road 2?

The current guideline value of Old G.S.T.Road 2 is Rs 3,025 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 450 per sq.ft in 2007 to Rs 3,025 per sq.ft in 2024, reflecting an overall increase of 572% over the years.

What is the land classification for Old G.S.T.Road 2?

Old G.S.T.Road 2 is classified as Residential Special Type - V, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 2,72,250.

Where can I find the Sub Registrar Office for Old G.S.T.Road 2?

The Chengleput Joint I Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. This office handles property registrations for the area.