Guideline Value for Gokulam 1st Cross Street

Gokulam 1st Cross Street guideline value

The current guideline value of Gokulam 1st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Gokulam 1st Cross Street has changed

The guideline value for Gokulam 1st Cross Street has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 133%. However, it then decreased to Rs 2,345 per sq.ft in 2017, a drop of 33%. The value rebounded to Rs 3,500 per sq.ft in 2023, followed by the latest revision in 2024, which set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, the increase was substantial at 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has risen by 157%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Gokulam 1st Cross Street's 2024 figure below this median.

• Gokulam 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Gokulam 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Gokulam colony: Rs 3,850 per sq.ft (2024)
• Gokulam Colony 1st Street: Rs 3,850 per sq.ft (2024)
• Gokulam Colony 2nd Street: Rs 3,850 per sq.ft (2024)
• Gokulam Colony 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Gokulam 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Gokulam 1st Cross Street?

The Gokulam 1st Cross Street falls under 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 Velachery

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When registering a property, the higher value between the guideline value and the sale price is considered for calculating the applicable duties and fees. This ensures that the government receives the correct amount based on the property's worth as per the guideline value.

Frequently asked questions

What is the current guideline value of Gokulam 1st Cross Street?

The current guideline value of Gokulam 1st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 157% over the years.

What is the stamp duty for property in Gokulam 1st Cross Street?

The stamp duty for property in Gokulam 1st Cross Street is 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500.

Which office handles registrations for Gokulam 1st Cross Street?

The Velacheri Sub Registrar Office handles registrations for Gokulam 1st Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Gokulam 1st Cross Street?

The land classification for Gokulam 1st Cross Street is Residential Class II Type - III, indicating its suitability for residential purposes.