Guideline Value for Gomathi Nagar

Gomathi Nagar guideline value

The current guideline value of Gomathi Nagar, located in Velachery village under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - III.

How the guideline value of Gomathi Nagar has changed

The guideline value for Gomathi Nagar has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 151 per sq.ft. This increased significantly to Rs 170 per sq.ft in 2003. There is no figure available for this street in the 2007 revision. The value then rose to Rs 3,500 per sq.ft in 2012, before dropping to Rs 2,345 per sq.ft in 2017. The 2023 revision saw a substantial increase to Rs 3,500 per sq.ft, which was then revised again to the current value of Rs 3,850 per sq.ft in 2024.

Between the revisions, the guideline value saw notable changes. From 2002 to 2003, the increase was +13%. The value then surged by +1959% from 2003 to 2012. However, it decreased by -33% from 2012 to 2017. The value increased by +49% from 2017 to 2023, and finally, there was a +10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +2450%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Gomathi Nagar is below this median.

• Gomathy Nagar (facing Newly formed Inner Ring Road): Rs 5,500 per sq.ft (2024)
• Gopalakrishnan Street: Rs 4,400 per sq.ft (2024)
• Gopalapillai Street: Rs 4,950 per sq.ft (2024)
• Golden Avenue Main Road: Rs 3,850 per sq.ft (2024)
• Golden Avenue Extn Bhavani Street: Rs 3,850 per sq.ft (2024)
• Golden Avenue Extn 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Gomathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to 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 to Rs 3,46,500. Please note that the 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 details.

Which Sub Registrar Office covers Gomathi Nagar?

The Gomathi Nagar area falls under the jurisdiction of the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor during property transactions in Velachery. It is used to determine the stamp duty and registration fees payable at the time of property registration. Buyers and sellers must be aware of the guideline value as it directly impacts the overall cost of the transaction.

When a property is sold, the guideline value serves as a benchmark for assessing the property's value. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price. Conversely, if the sale price is lower, the guideline value will be used for duty calculations.

Frequently asked questions

What is the current guideline value of Gomathi Nagar?

The current guideline value of Gomathi Nagar 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 significantly from Rs 151 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of +2450% over the years.

What are the stamp duty and registration fees in Gomathi Nagar?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty is Rs 2,69,500 and the registration fee is Rs 77,000, totaling Rs 3,46,500.

Which office handles property registrations in Gomathi Nagar?

The Velacheri Sub Registrar Office handles property registrations for Gomathi Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Gomathi Nagar?

Gomathi Nagar is classified as Residential Class II Type - III, indicating its designation for residential use within the area.