Guideline Value for GOKULAM COLONY

Gokulam Colony guideline value

The current guideline value of Gokulam Colony is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class V Type - III.

How the guideline value of Gokulam Colony has changed

The guideline value for Gokulam Colony has seen several revisions over the years. In 2002, the value was Rs 612 per sq.ft, which increased to Rs 680 per sq.ft in 2003, marking an 11% increase. The value further rose to Rs 900 per sq.ft in 2007, a significant increase of 32%. By 2012, the value had increased to Rs 3,000 per sq.ft, reflecting a 233% rise from the previous revision. However, this figure dropped to Rs 2,010 per sq.ft in 2017, showing a decrease of 33%.

In the subsequent revisions, the guideline value rose to Rs 3,000 per sq.ft in 2023, and then to Rs 3,300 per sq.ft in 2024, which is a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 439%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Gokulam Colony's 2024 figure below this median.

• Girija Garden: Rs 8,800 per sq.ft (2024)
• Gopathy Narayanan Chetty Street (Bazaar Road): Rs 8,800 per sq.ft (2024)
• Gopathy Narayan Chetty Lane: Rs 8,800 per sq.ft (2024)
• Govinda Samy Nagar: Rs 7,700 per sq.ft (2024)
• Govt. Quarters II Class: Rs 3,300 per sq.ft (2024)
• Gowdia Madam Salai: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gokulam Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gokulam Colony?

The Sub Registrar Office that covers Gokulam Colony is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Mylapore. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must consider this value to ensure compliance with local regulations.

When registering a property, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the value of the transaction.

Frequently asked questions

What is the current guideline value of Gokulam Colony?

The current guideline value of Gokulam Colony is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 612 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 439% over the years.

What are the stamp duty and registration fees for properties in Gokulam Colony?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations in Gokulam Colony?

The Mylapore Sub Registrar Office is responsible for property registrations in Gokulam Colony, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the guideline value determined for property transactions?

The guideline value is determined by the local authorities and is used to calculate the stamp duty and registration fees during property transactions. It is based on various factors, including the location and classification of the property.