Guideline Value for GOVINDASAMY STREET

Govindasamy Street guideline value

The current guideline value of Govindasamy Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Vadaagaram village, under the jurisdiction of the Kodambakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Govindasamy Street has changed

In the 2007 revision, the guideline value was Rs 1,500 per sq.ft. This figure saw a significant increase in the 2012 revision, where it was revised to Rs 5,500 per sq.ft, marking a rise of 267%. However, in the 2017 revision, the value decreased to Rs 3,685 per sq.ft, a drop of 33%. The 2023 revision increased the guideline value to Rs 5,500 per sq.ft, which was a 49% increase from the previous revision. Finally, the current 2024 revision set the value at Rs 6,000 per sq.ft, reflecting a 9% increase from 2023.

There are no figures available for Govindasamy Street in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by 300%.

Guideline values in Vadaagaram

In Vadaagaram, there are 78 streets under the Kodambakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value for these streets is Rs 6,600 per sq.ft, placing Govindasamy Street's 2024 figure below that median.

• Govindan Street: Rs 7,000 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 Govindasamy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total to Rs 5,40,000. Note that the 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 Govindasamy Street?

The Sub Registrar Office that covers Govindasamy 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 plays a crucial role in the registration process when buying or selling property in Vadaagaram. It is used to determine the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the buyer must ensure that the transaction is registered at the appropriate Sub Registrar Office. The guideline value helps in establishing a legal framework for the transaction, ensuring that both parties adhere to the necessary financial obligations.

Frequently asked questions

What is the current guideline value of Govindasamy Street?

The current guideline value of Govindasamy Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, marking an overall increase of 300%.

What are the stamp duty and registration fees for properties in Govindasamy Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 5,40,000.

Which office handles property registrations for Govindasamy Street?

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

What is the significance of the guideline value in property transactions?

The guideline value is essential for determining the stamp duty and registration fees during property transactions. It ensures that the financial obligations are met according to the legal requirements of the registration process.