Guideline Value for GovindarajStreet

GovindarajStreet guideline value

The current guideline value of GovindarajStreet is Rs 4,800 per sq.ft. This street is located in Vepery village, under the Periamet SRO, with a land classification of Residential Class II Type - II.

How the guideline value of GovindarajStreet has changed

The guideline value of GovindarajStreet has seen several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which significantly increased to Rs 4,500 per sq.ft in 2012. However, it then decreased to Rs 3,015 per sq.ft in 2017. Following this, the value rose sharply to Rs 4,500 per sq.ft in 2023, and has now reached Rs 4,800 per sq.ft with the 2024 revision, effective from 1 July 2024. The changes between these revisions include a 650% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 7% increase from 2023 to 2024.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 700%.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 4,800 per sq.ft, which is also the current value for GovindarajStreet.

• Govinda Naick Street: Rs 4,800 per sq.ft (2024)
• Govinda Singh Lane: Rs 4,800 per sq.ft (2024)
• Govinda Singh Street: Rs 4,800 per sq.ft (2024)
• Grey Nagar 1st cross Street: Rs 2,700 per sq.ft (2024)
• Grey Nagar 1stStreet: Rs 2,200 per sq.ft (2024)
• Grey Nagar 2nd cross Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in GovindarajStreet

For a 1,000 sq.ft plot at the current guideline value of Rs 4,800 per sq.ft, the total guideline value would be Rs 48,00,000. The stamp duty at 7% would amount to Rs 3,36,000, and the registration fee at 2% would be Rs 96,000, bringing the total charges to Rs 4,32,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers GovindarajStreet?

The Sub Registrar Office that covers GovindarajStreet is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for further assistance.

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

When buying or selling property in Vepery, the guideline value plays a crucial role in determining the transaction costs. It is used to calculate the stamp duty and registration fees, which are mandatory for property registration.

The guideline value is set by the government and reflects the minimum value at which a property can be registered. Buyers and sellers must ensure that the sale price is at least equal to the guideline value to avoid legal complications during registration.

Frequently asked questions

What is the current guideline value of GovindarajStreet?

The current guideline value of GovindarajStreet is Rs 4,800 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 600 per sq.ft in 2007 to Rs 4,800 per sq.ft in 2024, reflecting an overall increase of 700% over this period.

What is the land classification for GovindarajStreet?

GovindarajStreet is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for GovindarajStreet?

The Sub Registrar Office for GovindarajStreet is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for properties in Vepery?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 48,00,000 would incur a stamp duty of Rs 3,36,000 at 7%.