Guideline Value for GOVINDAN NAGAR 2ND STREET

Govindan Nagar 2nd Street guideline value

The current guideline value of Govindan Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class I Type - II.

How the guideline value of Govindan Nagar 2nd Street has changed

The guideline value for Govindan Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 176 per sq.ft. This increased to Rs 197 per sq.ft in 2003, marking a change of +12%. The value saw a significant rise to Rs 2,042 per sq.ft in 2007, an increase of +937%. However, from 2007 to 2012, the value decreased to Rs 4,000 per sq.ft, showing a decline of -33%. In 2017, the value was revised to Rs 2,680 per sq.ft, reflecting a +49% increase from the previous figure. The 2023 revision set the value at Rs 4,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 4,400 per sq.ft, which is a +10% increase.

Overall, from 2002 to 2024, the guideline value has increased by +2400%. There are no figures available for the revisions in years other than those listed.

Guideline values in Palavakkam

In Palavakkam village, there are 349 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing the 2024 figure for Govindan Nagar 2nd Street above this median.

• Govindan Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Govindan Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• Govindan Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Govindan Nagar 5th Street: Rs 4,400 per sq.ft (2024)
• Govindan Nagar 6th Street: Rs 4,400 per sq.ft (2024)
• Govindan Nagar 7th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Govindan Nagar 2nd 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, totaling 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Govindan Nagar 2nd Street?

The Sub Registrar Office that covers Govindan Nagar 2nd Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

You can find your SRO for more details.

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

The guideline value is a critical factor during the registration of property transactions in Palavakkam. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when buying or selling property in the area.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration process is aligned with the established values in the region.

Frequently asked questions

What is the current guideline value of Govindan Nagar 2nd Street?

The current guideline value of Govindan Nagar 2nd 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 176 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of +2400% over the years.

What is the stamp duty rate for property in Govindan Nagar 2nd Street?

The stamp duty rate for property transactions in Govindan Nagar 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Govindan Nagar 2nd Street located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the median guideline value for streets in Palavakkam?

The median guideline value for streets in Palavakkam is Rs 3,300 per sq.ft, with Govindan Nagar 2nd Street's value being above this median.