Guideline Value for Govindan Street (1st Ward)

Govindan Street (1st Ward) guideline value

The current guideline value of Govindan Street (1st Ward) in Oragadam village is Rs 1,400 per sq.ft, effective from 1 July 2024. This street falls under the Ambattur SRO and is classified as Residential Class III Type - I.

How the guideline value of Govindan Street (1st Ward) has changed

The guideline value for Govindan Street (1st Ward) has undergone several revisions over the years. The 2012 revision set the value at Rs 1,300 per sq.ft, which decreased to Rs 871 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value saw a significant increase of 49%, reaching Rs 1,300 per sq.ft. The most recent revision in 2024 raised the guideline value to Rs 1,400 per sq.ft, marking an 8% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Oragadam

In Oragadam, there are 596 streets under the Ambattur SRO, with guideline values ranging from Rs 1,100 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Govindan Street (1st Ward) below this median.

• Govindan Street (Banu Nagar): Rs 2,200 per sq.ft (2024)
• Govindan Street (Ganapathi Nagar): Rs 1,400 per sq.ft (2024)
• Govindan Main Road (Palaniappa Nagar): Rs 2,200 per sq.ft (2024)
• Govindarajulu Street (S.V.Nagar): Rs 1,600 per sq.ft (2024)
• Gopal (swamy) Street (Ram Nagar): Rs 2,400 per sq.ft (2024)
• Gopal Street (S.V.Nagar): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Govindan Street (1st Ward)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,400 per sq.ft, the total guideline value would be Rs 14,00,000. The stamp duty at 7% would amount to Rs 98,000, and the registration fee at 2% would be Rs 28,000, bringing the total cost for these fees to Rs 1,26,000. 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 Street (1st Ward)?

The Sub Registrar Office that covers Govindan Street (1st Ward) is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Oragadam. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable fees. If the sale price is higher than the guideline value, the duty is charged on the sale price instead, ensuring that the registration reflects the true market value of the property.

Frequently asked questions

What is the current guideline value for Govindan Street (1st Ward)?

The current guideline value for Govindan Street (1st Ward) is Rs 1,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,300 per sq.ft in 2023 to Rs 1,400 per sq.ft in 2024, an increase of 8%. From 2017 to 2023, it increased by 49% from Rs 871 per sq.ft to Rs 1,300 per sq.ft.

What is the land classification for Govindan Street (1st Ward)?

Govindan Street (1st Ward) is classified as Residential Class III Type - I, indicating its suitability for residential development.

What is the registration office for properties in Govindan Street (1st Ward)?

The registration office for properties in Govindan Street (1st Ward) is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is the stamp duty calculated for properties in Govindan Street (1st Ward)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 98,000 at 7% of the guideline value of Rs 14,00,000.