Guideline Value for GOVARDANAN NAGAR - Kothandapani 2nd Street

GOVARDANAN NAGAR - Kothandapani 2nd Street guideline value

The current guideline value for GOVARDANAN NAGAR - Kothandapani 2nd Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class III Type - II.

How the guideline value of GOVARDANAN NAGAR - Kothandapani 2nd Street has changed

The guideline value for GOVARDANAN NAGAR - Kothandapani 2nd Street has seen several revisions over the years. Starting with the 2007 revision, the value was Rs 400 per sq.ft. This increased significantly to Rs 2,250 per sq.ft in 2012, marking a rise of 463%. However, in 2017, the value dropped to Rs 1,507 per sq.ft, a decrease of 33%. The 2023 revision saw a substantial increase to Rs 2,250 per sq.ft, followed by another rise to Rs 2,500 per sq.ft in the 2024 revision, which is an increase of 11% from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 525%. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing GOVARDANAN NAGAR - Kothandapani 2nd Street's 2024 value above this median.

• GOVARDANAN NAGAR - Kothandapani 2nd Cross Street: Rs 2,500 per sq.ft (2024)
• GOVARDANAN NAGAR - Kothandapani Street: Rs 2,500 per sq.ft (2024)
• GOVARDANAN NAGAR - Kothandapani 1st Street: Rs 2,500 per sq.ft (2024)
• GOVARDANAN NAGAR - Kumaran Street: Rs 2,500 per sq.ft (2024)
• GOVARDANAN NAGAR - Kothandapani 1st Cross Street: Rs 2,500 per sq.ft (2024)
• GOVARDANAN NAGAR - Pallavan Salai: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in GOVARDANAN NAGAR - Kothandapani 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. 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 further calculations.

Which Sub Registrar Office covers GOVARDANAN NAGAR - Kothandapani 2nd Street?

The GOVARDANAN NAGAR - Kothandapani 2nd Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Nerkundram. It serves as the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property sales. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the guideline value helps in determining the stamp duty and registration fees that need to be paid. This ensures transparency in property transactions and helps in preventing undervaluation of properties, which can lead to losses in government revenue.

Frequently asked questions

What is the current guideline value for GOVARDANAN NAGAR - Kothandapani 2nd Street?

The current guideline value for GOVARDANAN NAGAR - Kothandapani 2nd Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 400 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, which is an overall increase of 525% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which office handles property registrations in GOVARDANAN NAGAR - Kothandapani 2nd Street?

The Virugambakkam Sub Registrar Office handles property registrations for GOVARDANAN NAGAR - Kothandapani 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for GOVARDANAN NAGAR - Kothandapani 2nd Street?

GOVARDANAN NAGAR - Kothandapani 2nd Street is classified as Residential Class III Type - II.