Guideline Value for Gokulam Colony (2nd Street)

Gokulam Colony (2nd Street) guideline value

The current guideline value of Gokulam Colony (2nd Street) is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Commercial Class I Type - II.

How the guideline value of Gokulam Colony (2nd Street) has changed

The guideline value for Gokulam Colony (2nd Street) has seen significant changes over the years. In 2002, the value was Rs 201 per sq.ft, which increased to Rs 228 per sq.ft in 2003. The value then rose to Rs 450 per sq.ft in 2007, followed by a substantial increase to Rs 1,675 per sq.ft in 2017. The 2023 revision set the value at Rs 2,500 per sq.ft, and the most recent revision in 2024 has brought it to Rs 2,750 per sq.ft.

Notably, there was no guideline value recorded for this street in the 2012 revision. The changes from one revision to the next are also noteworthy: from 2002 to 2024, the overall increase is +1268%, with the most significant jump occurring from 2007 to 2017 at +272% and from 2017 to 2023 at +49%.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft in 2024. The median value for these streets is Rs 2,090 per sq.ft, placing Gokulam Colony (2nd Street) above this median.

• Gokulam Colony (1st Street): Rs 2,750 per sq.ft (2024)
• Gokulam Colony, Pammal: Rs 2,750 per sq.ft (2024)
• Gokulay Street / VOC Nagar: Rs 2,750 per sq.ft (2024)
• Girisqure, 3rd Street: Rs 1,980 per sq.ft (2024)
• Girisqure, 2nd Street: Rs 1,980 per sq.ft (2024)
• Girisqure, 1st Street: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Gokulam Colony (2nd Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost together to Rs 2,47,500. 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 (2nd Street)?

The Gokulam Colony (2nd Street) falls under the jurisdiction of the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Pammal. It serves as a reference point for determining the stamp duty and registration fees that need to be paid when buying or selling property. The guideline value is set by the Registration Department and is periodically revised based on various factors.

When a property is sold, the buyer must pay the stamp duty on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the current market conditions.

Frequently asked questions

What is the current guideline value of Gokulam Colony (2nd Street)?

The current guideline value of Gokulam Colony (2nd Street) is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 201 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, marking an overall increase of +1268% over this period.

What is the median guideline value for streets in Pammal?

The median guideline value for streets in Pammal is Rs 2,090 per sq.ft, with Gokulam Colony (2nd Street) being above this median.

What are the stamp duty and registration fees for a property in Gokulam Colony (2nd Street)?

For a 1,000 sq.ft plot, the total guideline value is Rs 27,50,000, leading to a stamp duty of Rs 1,92,500 and a registration fee of Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for Gokulam Colony (2nd Street)?

The Pammal Sub Registrar Office handles registrations for Gokulam Colony (2nd Street), located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.