Guideline Value for Gopalakrishnan Street

Gopalakrishnan Street guideline value

The current guideline value of Gopalakrishnan Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Gopalakrishnan Street has changed

The guideline value for Gopalakrishnan Street has seen significant changes over the years. Starting from Rs 484 per sq.ft in 2002, it increased to Rs 543 per sq.ft in 2003, marking a 12% rise. The value then rose dramatically to Rs 1,500 per sq.ft in 2007, which was a 176% increase. However, there is no figure available for the revisions in 2012 and 2017.

In the subsequent revision in 2023, the guideline value reached Rs 4,000 per sq.ft, reflecting a 167% increase from the 2007 figure. The latest revision in 2024 has set the value at Rs 4,400 per sq.ft, a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 809%.

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 value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Gopalakrishnan Street.

• Gopalapillai Street: Rs 4,950 per sq.ft (2024)
• Gomathy Nagar (facing Newly formed Inner Ring Road): Rs 5,500 per sq.ft (2024)
• Gomathi Nagar: Rs 3,850 per sq.ft (2024)
• Gopal Street,Annai Indira Nagar: Rs 4,400 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)

Stamp duty and registration fee for property in Gopalakrishnan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, making the total cost for these fees Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Gopalakrishnan Street?

The Sub Registrar Office that covers Gopalakrishnan Street is 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 during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the legal and financial implications of the transaction. It is essential for buyers to be aware of the guideline value to ensure compliance with local regulations and to avoid any potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Gopalakrishnan Street?

The current guideline value of Gopalakrishnan Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 484 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 809% over this period.

What is the stamp duty for properties in Gopalakrishnan Street?

The stamp duty for properties in Gopalakrishnan Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Gopalakrishnan Street located?

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

What are the other streets in Velachery with guideline values?

Other streets in Velachery include Gopalapillai Street at Rs 4,950 per sq.ft, Gomathy Nagar at Rs 5,500 per sq.ft, and Gomathi Nagar at Rs 3,850 per sq.ft, among others.