Guideline Value for Govindappa Naicken Street Segment-2 (Annapillai Street- Amman Koil Street)

Govindappa Naicken Street Segment-2 (Annapillai Street- Amman Koil Street) guideline value

The current guideline value of Govindappa Naicken Street Segment-2 (Annapillai Street- Amman Koil Street) is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Commercial Class I Type - II.

How the guideline value of Govindappa Naicken Street Segment-2 (Annapillai Street- Amman Koil Street) has changed

The guideline value for Govindappa Naicken Street Segment-2 has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 3,000 per sq.ft. This figure increased significantly to Rs 8,000 per sq.ft in 2012, marking a 167% rise. However, it then decreased to Rs 5,360 per sq.ft in the 2017 revision, which was a decline of 33%. The value saw a substantial increase again, reaching Rs 8,000 per sq.ft in 2023, followed by a further rise to Rs 8,800 per sq.ft in the 2024 revision, reflecting a 10% increase.

To summarize the changes: from 2017 to 2023, there was a 49% increase, and overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 193%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, making the 2024 value of Govindappa Naicken Street Segment-2 above the median.

• Govindappa Naicken Street Segment-1 (NSC - Annapillai Street): Rs 13,000 per sq.ft (2024)
• Godown Street: Rs 8,800 per sq.ft (2024)
• Hacker Jason Lane: Rs 3,800 per sq.ft (2024)
• Girikori Street: Rs 4,900 per sq.ft (2024)
• G.H. Road: Rs 6,000 per sq.ft (2024)
• George Chappel Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Govindappa Naicken Street Segment-2 (Annapillai Street- Amman Koil Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000, leading to a total of Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Govindappa Naicken Street Segment-2 (Annapillai Street- Amman Koil Street)?

The Sub Registrar Office covering Govindappa Naicken Street Segment-2 is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for further assistance.

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

The guideline value is an essential factor when registering property transactions in Muthiyalpet. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory for legal property transfers.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in real estate dealings. It is crucial for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Govindappa Naicken Street Segment-2?

The current guideline value of Govindappa Naicken Street Segment-2 (Annapillai Street- Amman Koil Street) is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most recent increase being from Rs 8,000 per sq.ft in 2023 to Rs 8,800 per sq.ft in 2024, a rise of 10%. Overall, from 2007 to 2024, the value has increased by 193%.

What is the land classification of Govindappa Naicken Street Segment-2?

Govindappa Naicken Street Segment-2 is classified as Commercial Class I Type - II, which indicates its suitability for commercial activities.

Where can I find the Sowcarpet Sub Registrar Office?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01. This office handles the registration of properties in the area.

How is stamp duty calculated for property in Muthiyalpet?

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 88,00,000, the stamp duty would be Rs 6,16,000 at a rate of 7%.