Guideline Value for Gokilam Street

Gokilam Street guideline value

The current guideline value of Gokilam Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Gokilam Street has changed

The guideline value for Gokilam Street has undergone several revisions over the years. The 2017 revision set the value at Rs 1,005 per sq.ft, which increased to Rs 1,500 per sq.ft in the 2023 revision. The latest revision in 2024 has raised the value further to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased significantly by 49%. Overall, from 2017 to 2024, the value has risen by 64%. It is important to note that there are no figures available for Gokilam Street for the revisions in 2002, 2003, 2007, and 2012.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Gokilam Street's 2024 figure is below this median.

• Gogulam Street/Balaji Nagar /Kubera Nagar Extension 11th Street: Rs 3,850 per sq.ft (2024)
• Gnana Sambandam Street: Rs 1,650 per sq.ft (2024)
• Gopal Street: Rs 1,650 per sq.ft (2024)
• Ganga Kaveri Street SRVS: Rs 2,750 per sq.ft (2024)
• Govindasamy Nagar 10th Street/New Kubera Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Govindasamy Nagar Extension(Arumugam Nagar): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gokilam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total fees together Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Gokilam Street?

The Sub Registrar Office that covers Gokilam Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration process for property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property sale.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. Buyers and sellers should be aware of the current guideline values to ensure compliance during the registration process.

Frequently asked questions

What is the current guideline value of Gokilam Street?

The current guideline value of Gokilam Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, reflecting a total increase of 64% over this period.

What are the stamp duty and registration fees for property in Gokilam Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles the registration for Gokilam Street?

The Velacheri Sub Registrar Office is responsible for handling registrations for Gokilam Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, with Gokilam Street's current value being below this median.