Guideline Value for GURUKAL COLONY

Gurukal Colony guideline value

The current guideline value of Gurukal Colony is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village and falls under the Mylapore SRO. The land classification for this locality is Residential Class V Type - III.

How the guideline value of Gurukal Colony has changed

Over the years, the guideline value of Gurukal Colony has seen several revisions. The 2007 revision set the value at Rs 900 per sq.ft, which was a significant increase to Rs 3,000 per sq.ft in the 2012 revision. This value remained unchanged until the 2023 revision, which also recorded Rs 3,000 per sq.ft. The latest revision in 2024 has increased the guideline value to Rs 3,300 per sq.ft, marking a 10% rise from the previous year.

In summary, from the 2007 revision to the 2024 revision, the overall increase in the guideline value is 267%. The years 2017, 2003, and 2002 have no figures available for this street in the register.

Guideline values in Mylapore

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

• Gurupuram: Rs 8,800 per sq.ft (2024)
• Gururaja Puram: Rs 8,800 per sq.ft (2024)
• Greenways Road(P.S. Kumaraswamy Salai: Rs 17,600 per sq.ft (2024)
• Greenways Road Extension: Rs 17,600 per sq.ft (2024)
• Greenways Lane: Rs 17,600 per sq.ft (2024)
• Gowdia Madam Salai: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gurukal 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 is charged at 7%, resulting in Rs 2,31,000, while the registration fee is charged at 2%, amounting to Rs 66,000. Together, the total cost for stamp duty and registration fee would be 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. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gurukal Colony?

The Sub Registrar Office that covers Gurukal Colony is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It is used to determine the stamp duty and registration fees that must be paid at the time of transaction. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both buyers and sellers, as it helps in estimating the overall costs involved in property transactions. It also ensures compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Gurukal Colony?

The current guideline value of Gurukal 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 900 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting a total increase of 267% over the years.

What is the stamp duty rate for property in Gurukal Colony?

The stamp duty rate for property transactions in Gurukal Colony is 7% of the guideline value or the sale price, whichever is higher.

Where is the Mylapore Sub Registrar Office located?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the land classification for Gurukal Colony?

The land classification for Gurukal Colony is Residential Class V Type - III.