Guideline Value for GOVINDAN STREET

Govindan Street guideline value

The current guideline value of Govindan Street is Rs 7,000 per sq.ft, effective from 1 July 2024. This street is located in Vadaagaram village, under the Kodambakkam SRO, and is classified as Mixed Type - II land.

How the guideline value of Govindan Street has changed

The guideline value for Govindan Street has seen significant changes over the years. In 2002, the guideline value was Rs 573 per sq.ft, which increased to Rs 634 per sq.ft in 2003, marking an 11% rise. The value continued to rise, reaching Rs 1,500 per sq.ft in 2007, an increase of 137%. However, it then dropped to Rs 6,500 per sq.ft in 2012, which was a decrease of 333% from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 4,355 per sq.ft, a decline of 33%. The value then increased significantly to Rs 6,500 per sq.ft in 2023, followed by another increase to the current value of Rs 7,000 per sq.ft in 2024, reflecting an 8% rise. Overall, from 2002 to 2024, the guideline value has increased by 1122%.

Guideline values in Vadaagaram

In Vadaagaram village, there are 78 streets under the Kodambakkam SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, positioning Govindan Street's 2024 figure above this median.

• Govindasamy Street: Rs 6,000 per sq.ft (2024)
• Indira Gandhi Nagar 1st Street: Rs 3,800 per sq.ft (2024)
• Indira Gandhi Nagar 2nd Street: Rs 3,800 per sq.ft (2024)
• Indira Gandhi Nagar 3rd Street: Rs 3,800 per sq.ft (2024)
• Indira Gandhi Nagar 4th Street: Rs 3,800 per sq.ft (2024)
• Indira Gandhi Nagar 5th Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Govindan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,000 per sq.ft, the total guideline value amounts to Rs 70,00,000. The stamp duty at 7% would be Rs 4,90,000, and the registration fee at 2% would be Rs 1,40,000, bringing the total fees to Rs 6,30,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Govindan Street?

The Sub Registrar Office that covers Govindan Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Vadaagaram. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property. The fees are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value helps ensure that the transaction is recorded accurately and reflects the official valuation set by the authorities. This process aids in maintaining transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value of Govindan Street?

The current guideline value of Govindan Street is Rs 7,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 573 in 2002 to Rs 7,000 in 2024, showing an overall increase of 1122% over the years.

What is the median guideline value for streets in Vadaagaram?

The median guideline value for streets in Vadaagaram is Rs 6,600 per sq.ft, with Govindan Street's value being above this median.

What are the stamp duty and registration fees for property in Govindan Street?

For a property valued at Rs 70,00,000, the stamp duty would be Rs 4,90,000, and the registration fee would be Rs 1,40,000, totaling Rs 6,30,000.

Which office handles property registrations for Govindan Street?

The Kodambakkam Sub Registrar Office handles property registrations for Govindan Street, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.