Guideline Value for Gokulam Colony 1st Street

Gokulam Colony 1st Street guideline value

The current guideline value of Gokulam Colony 1st 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 Colony 1st Street has changed

The guideline value for Gokulam Colony 1st Street has seen significant changes over the years. In 2002, the guideline value was Rs 417 per sq.ft, which increased to Rs 468 per sq.ft in 2003, marking a 12% rise. The value continued to rise, reaching Rs 1,500 per sq.ft in 2007, a substantial increase of 221%. By 2012, the guideline value was Rs 3,500 per sq.ft, reflecting a 133% increase from the previous revision. However, from 2012 to 2017, the value dropped by 33% to Rs 2,345 per sq.ft. The guideline value then rose again to Rs 3,500 per sq.ft in 2023, before reaching the current figure of Rs 3,850 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 823%. The register has no figure for the years not mentioned in the revisions above.

Guideline values in Velachery

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

• Gokulam Colony 2nd Street: Rs 3,850 per sq.ft (2024)
• Gokulam Colony 3rd Street: Rs 3,850 per sq.ft (2024)
• Gokulam Colony, Ranganathan Street: Rs 4,400 per sq.ft (2024)
• Gokulam colony: Rs 3,850 per sq.ft (2024)
• Gokulam 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Gokulam 2nd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Gokulam Colony 1st 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 be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. Please note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more assistance.

Which Sub Registrar Office covers Gokulam Colony 1st Street?

The Gokulam Colony 1st 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 when buying or selling property in Velachery. It serves as a benchmark for determining the registration fees and stamp duty applicable during the property transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When registering a property, the guideline value is used to calculate the applicable fees, which are based on either the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value of Gokulam Colony 1st 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 increased from Rs 417 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, showing an overall increase of 823% over this period.

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

The land classification for Gokulam Colony 1st Street is Residential Class II Type - III.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Gokulam Colony 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at 7%.