Guideline Value for Justice Gokulakrishnan Street

Justice Gokulakrishnan Street guideline value

The current guideline value of Justice Gokulakrishnan 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 Justice Gokulakrishnan Street has changed

The guideline value for Justice Gokulakrishnan Street has seen several revisions over the years. In 2003, the value was Rs 751 per sq.ft, which increased significantly to Rs 1,800 per sq.ft by 2007. Following this, the value rose sharply by 122% to Rs 4,000 per sq.ft in 2012. However, it then decreased by 33% to Rs 2,680 per sq.ft in 2017. The value continued to rise, reaching Rs 4,000 per sq.ft in 2023, and finally increasing by 10% to the current value of Rs 4,400 per sq.ft in 2024.

There is no figure available for the year 2002 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 486%.

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. The median guideline value is Rs 4,400 per sq.ft, which is equal to the current value of Justice Gokulakrishnan Street.

• Kabali Street: Rs 3,850 per sq.ft (2024)
• Kakan Nagar Part-1 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Kakan Nagar Part-1 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Joseph Colony Main Road: Rs 4,400 per sq.ft (2024)
• Joseph Colony 1st Street: Rs 4,400 per sq.ft (2024)
• Joseph Colony 1st Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Justice Gokulakrishnan Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, the total cost would be Rs 3,96,000. 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 Justice Gokulakrishnan Street?

The Sub Registrar Office that covers Justice Gokulakrishnan 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 an essential factor when registering property transactions in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the purchase or sale of property.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is necessary for legal and taxation purposes. It is crucial for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Justice Gokulakrishnan Street?

The current guideline value of Justice Gokulakrishnan 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 changed from Rs 751 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 486% over this period.

What is the role of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It acts as a benchmark for ensuring that transactions are recorded at a fair value.

Where can I find the Velacheri Sub Registrar Office?

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

How can I calculate stamp duty and registration fees?

You can calculate the stamp duty and registration fees using the stamp duty and registration fee calculator available online.