Guideline Value for GOVINDASAMY NAGAR 2ND STREET

Govindasamy Nagar 2nd Street guideline value

The current guideline value of Govindasamy Nagar 2nd Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Perungudi village, under the Neelankarai SRO, and is classified as Residential Class III Type - I.

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

The guideline value for Govindasamy Nagar 2nd Street has seen several revisions over the years. In 2002, the value was Rs 266 per sq.ft, which increased to Rs 500 per sq.ft in 2003. The subsequent revision in 2007 brought the value to Rs 800 per sq.ft, and by 2012, it had risen to Rs 2,500 per sq.ft. However, in 2017, the value decreased to Rs 1,675 per sq.ft. The 2023 revision set the value at Rs 2,500 per sq.ft, and the most recent revision in 2024 established the current value at Rs 2,800 per sq.ft.

From 2017 to 2023, the value increased by 49%, and from 2023 to 2024, it rose by 12%. The significant increase from 2002 to 2024 is 953%, showcasing a substantial change over the years. The register has no figures for the years not mentioned in the revisions.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO with 2024 guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Govindasamy Nagar 2nd Street's 2024 figure below that median.

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

Stamp duty and registration fee for property in Govindasamy Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000. Together, the total fees would be Rs 2,52,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Govindasamy Nagar 2nd Street?

The Sub Registrar Office that covers Govindasamy 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Perungudi. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

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

The current guideline value of Govindasamy Nagar 2nd Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 266 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, showing an overall increase of 953% over the years.

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

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles property registrations for Govindasamy Nagar 2nd Street?

The Neelankarai Sub Registrar Office handles property registrations for Govindasamy Nagar 2nd Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

What is the land classification for Govindasamy Nagar 2nd Street?

Govindasamy Nagar 2nd Street is classified as Residential Class III Type - I, indicating its designation for residential use.