Guideline Value for Gokulam Phase II

Gokulam Phase II guideline value

The current guideline value of Gokulam Phase II is Rs 7,100 per sq.ft, effective from 1 July 2024. This area is located in 1. Nolambur village under the Villivakkam SRO and is classified as Residential Special Type - I.

How the guideline value of Gokulam Phase II has changed

Over the years, the guideline value for Gokulam Phase II has seen several revisions. The oldest recorded figure is from 2017, where the value was Rs 4,355 per sq.ft. This increased to Rs 6,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 has set the guideline value at Rs 7,100 per sq.ft, reflecting a 9% increase from the previous year.

Overall, from the 2017 revision to the current 2024 figure, there has been a total increase of 63%. It is important to note that the register has no figures for the years 2002, 2003, 2007, 2012.

Guideline values in 1. Nolambur

In 1. Nolambur, there are 73 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft, with the median being Rs 7,100 per sq.ft. Gokulam Phase II's 2024 guideline value aligns with this median.

• Gokulam Phase I: Rs 7,100 per sq.ft (2024)
• Gokulam Phase III: Rs 7,100 per sq.ft (2024)
• Golden Fortune: Rs 7,100 per sq.ft (2024)
• Guruswamy Street [Jain Sundarbans]: Rs 7,100 per sq.ft (2024)
• Galaxy Apartments (S.No.327): Rs 7,100 per sq.ft (2024)
• Gajalakshmi Nagar Extn: Rs 3,700 per sq.ft (2024)

Stamp duty and registration fee for property in Gokulam Phase II

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, making the total charges together Rs 6,39,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gokulam Phase II?

The Sub Registrar Office that covers Gokulam Phase II is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

How the guideline value is used when you buy or sell in 1. Nolambur

The guideline value plays a crucial role during the registration of property transactions in 1. Nolambur. It serves as a base for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value is referenced to determine the official value of the property. Buyers and sellers must be aware that the stamp duty is applied based on the higher value between the guideline value and the actual sale price.

Frequently asked questions

What is the current guideline value of Gokulam Phase II?

The current guideline value of Gokulam Phase II is Rs 7,100 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed in recent years?

From 2017 to 2024, the guideline value has increased by 63%, from Rs 4,355 per sq.ft to Rs 7,100 per sq.ft. The most recent revision in 2024 saw a 9% increase from the previous year.

What is the land classification for Gokulam Phase II?

Gokulam Phase II is classified as Residential Special Type - I, indicating its intended use for residential purposes.

Where can I find the Sub Registrar Office for Gokulam Phase II?

The Villivakkam Sub Registrar Office covers Gokulam Phase II and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Gokulam Phase II?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, on a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 at a rate of 7%.