Guideline Value for Gokulam Colony

Gokulam Colony guideline value

The current guideline value of Gokulam Colony is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Gokulam Colony has changed

The guideline value of Gokulam Colony has seen several revisions over the years. Starting from Rs 390 per sq.ft in 2002, it increased to Rs 424 per sq.ft in 2003. This was followed by a significant rise to Rs 650 per sq.ft in 2007, and then a substantial jump to Rs 3,000 per sq.ft in 2012. However, the value dropped to Rs 2,010 per sq.ft in 2017. The most recent revision in 2024 brought the guideline value to Rs 3,300 per sq.ft.

In terms of percentage changes, the guideline value rose by 9% from 2002 to 2003, increased by 53% from 2003 to 2007, and saw a remarkable 362% rise from 2007 to 2012. After a decline of 33% from 2012 to 2017, the value surged by 64% from 2017 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 746%. Notably, there is no figure available for the year 2023 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft, with a median value of Rs 3,850 per sq.ft. The guideline value of Gokulam Colony is below this median.

• Gomathi Nagar - Thiruppavai Street: Rs 3,300 per sq.ft (2024)
• Gopal Avenue: Rs 4,400 per sq.ft (2024)
• Ganga Street: Rs 3,300 per sq.ft (2024)
• Govindan Salai: Rs 3,300 per sq.ft (2024)
• Gangai Amman Koil Street (Kaikhankuppam): Rs 3,300 per sq.ft (2024)
• Gandhi Road: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Gokulam 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, charged at 7%, would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, these fees amount to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gokulam Colony?

The Sub Registrar Office that covers Gokulam Colony is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in calculating the financial obligations associated with the transaction. It is essential for both buyers and sellers to be aware of the guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Gokulam Colony?

The current guideline value of Gokulam 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 significantly from Rs 390 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 746% over this period.

What are the stamp duty and registration fees for property in Gokulam Colony?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty is Rs 2,31,000 and the registration fee is Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers Gokulam Colony?

The Virugambakkam Sub Registrar Office covers Gokulam Colony, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of Gokulam Colony?

Gokulam Colony is classified as Residential Class II Type - II, indicating its designation for residential use.