Guideline Value for GOKULAM COLONY

Gokulam Colony guideline value

The current guideline value of Gokulam Colony in Tnagar village is Rs 6,600 per sq.ft, effective from 1 July 2024. This area falls under the Thiyagaraya nagar SRO and is classified as Residential Class III Type - I.

How the guideline value of Gokulam Colony has changed

Over the years, the guideline value of Gokulam Colony has seen significant changes. The earliest figure recorded was Rs 1,684 per sq.ft in 2002, which increased to Rs 1,869 per sq.ft in 2003, marking a 11% rise. This was followed by a substantial increase to Rs 3,000 per sq.ft in 2007, reflecting a 61% change. The value then doubled to Rs 6,000 per sq.ft in 2012, representing a 100% increase. However, it dropped to Rs 4,020 per sq.ft in 2017, a decrease of 33%. The value then rose to Rs 6,000 per sq.ft in 2023, followed by a further increase to Rs 6,600 per sq.ft in 2024, which is a 10% change.

Overall, from 2002 to 2024, the guideline value has increased by 292%. The revisions from 2017 to 2023 saw a 49% increase, indicating a notable rise in the recent years.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median value is Rs 11,000 per sq.ft, placing Gokulam Colony's 2024 figure below this median.

• G.N.Chetty Road (Part III Kannadasan Statue To Panagal Park): Rs 27,500 per sq.ft (2024)
• G.N.Chetty Road (Part II Dr. Nair Road Junction To Srinivasan Road): Rs 27,500 per sq.ft (2024)
• G.N.Chetty Road(Part 1 Anna Fly Over To Dr. Nair Road): Rs 27,500 per sq.ft (2024)
• Giri Road: Rs 17,600 per sq.ft (2024)
• Girifith Road/Maharajapuram Santhanam Salai: Rs 9,900 per sq.ft (2024)
• Giriappa Road: Rs 8,800 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 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000. Together, the total cost for these fees would be Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gokulam Colony?

The Gokulam Colony area is covered by the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Tnagar. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for all property transfers. Buyers and sellers must be aware of the current guideline value to ensure they meet the financial obligations during the registration process.

When a property is sold, the guideline value helps determine the minimum value at which the property can be registered. This ensures that the transaction is recorded accurately and that the appropriate taxes are paid to the government.

Frequently asked questions

What is the current guideline value of Gokulam Colony?

The current guideline value of Gokulam Colony 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 significantly from Rs 1,684 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 292% over this period.

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

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which office handles registrations for Gokulam Colony?

The Thiyagaraya nagar Sub Registrar Office handles registrations for Gokulam Colony, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

What is the land classification of Gokulam Colony?

Gokulam Colony is classified as Residential Class III Type - I, indicating its designation for residential purposes within the area.