Guideline Value for Gunalamman Koil Street

Gunalamman Koil Street guideline value

The current guideline value of Gunalamman Koil Street is Rs 2,200 per sq.ft. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Gunalamman Koil Street has changed

The guideline value for Gunalamman Koil Street has seen significant changes over the years. The register does not have figures for the years 2002, 2003, 2007, and 2012. The 2017 revision recorded a guideline value of Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The current rate of Rs 2,200 per sq.ft is a notable increase compared to the earlier figures.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Gunalamman Koil Street's current value below this median.

• Guru Lakshmi Nagar: Rs 2,200 per sq.ft (2024)
• Guru Lakshmi Nagar Cros: Rs 2,200 per sq.ft (2024)
• Haribala Nagar Extn: Rs 1,650 per sq.ft (2024)
• Govindaswamy Nagar Extension: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 9th Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 8th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Gunalamman Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to 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 detailed calculations.

Which Sub Registrar Office covers Gunalamman Koil Street?

The Sub Registrar Office that covers Gunalamman Koil 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 additional information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for calculating the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is used to determine the official value of the property for taxation purposes. Buyers and sellers must be aware of this value to ensure compliance with legal and financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Gunalamman Koil Street?

The current guideline value of Gunalamman Koil Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, reflecting a total increase of 64% over these years.

What is the registration office for Gunalamman Koil Street?

The registration office for Gunalamman Koil Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Gunalamman Koil Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,54,000.

What are the guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have varying guideline values, with rates ranging from Rs 1,650 to Rs 5,500 per sq.ft. For instance, Guru Lakshmi Nagar and Govindaswamy Nagar streets have a guideline value of Rs 2,200 per sq.ft as of 2024.