Guideline Value for GOVINDAN NAGAR 3RD STREET

Govindan Nagar 3rd Street guideline value

The current guideline value of Govindan Nagar 3rd 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 3rd Street has changed

The guideline value for Govindan Nagar 3rd Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 176 per sq.ft. This figure increased significantly to Rs 197 per sq.ft in 2003, marking a change of +12%. The value then surged dramatically to Rs 2,042 per sq.ft in 2007, an increase of +937%. In 2012, the guideline value was Rs 4,000 per sq.ft, reflecting a decrease of -33% from the previous revision. The 2017 revision set the value at Rs 2,680 per sq.ft, which was a +49% increase from 2012. The 2023 revision saw the value rise to Rs 4,000 per sq.ft, and the most recent revision in 2024 has set the value at Rs 4,400 per sq.ft, a +10% increase from the previous year.

There are no figures available for the years not mentioned in the revisions. Overall, from 2002 to 2024, the guideline value has increased by +2400%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values for 2024 ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which means that Govindan Nagar 3rd Street's 2024 guideline value is above this median.

• Govindan Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Govindan Nagar 4th Street: Rs 4,400 per sq.ft (2024)
• Govindan Nagar 1st 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 3rd Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the 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, totaling Rs 3,96,000. It is important to note that 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 details.

Which Sub Registrar Office covers Govindan Nagar 3rd Street?

The Sub Registrar Office that covers Govindan Nagar 3rd 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Palavakkam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transactions are recorded at a fair value according to government standards.

When a property is sold, the buyer and seller must consider the guideline value to avoid any discrepancies during registration. It is essential to have accurate information about the guideline value to ensure compliance with local regulations and to facilitate a smooth transaction.

Frequently asked questions

What is the current guideline value for Govindan Nagar 3rd Street?

The current guideline value for Govindan Nagar 3rd 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, representing a total increase of +2400% over this period.

What is the land classification for Govindan Nagar 3rd Street?

Govindan Nagar 3rd Street is classified as Residential Class I Type - II.

Where can I find the Neelankarai Sub Registrar Office?

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

How is the stamp duty calculated for properties in Govindan Nagar 3rd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.