Guideline Value for Govindasamy Nagar 2nd Street

Govindasamy Nagar 2nd Street guideline value

The current guideline value for Govindasamy Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Jampuli village under the Madhavaram SRO and is classified as Residential Class II Type - I.

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

The guideline value for Govindasamy Nagar 2nd Street has undergone several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, representing a rise of 49%. The most recent revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% 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, the guideline value has increased by 10% from 2012 to 2024.

Guideline values in Jampuli

In Jampuli, there are 118 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 3,300 per sq.ft, with a median value of Rs 2,450 per sq.ft. The guideline value for Govindasamy Nagar 2nd Street is below this median.

• Govindasamy Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Govindasamy Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Govindasamy Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Govindasamy Nagar Annex: Rs 2,200 per sq.ft (2024)
• Govindasamy Street: Rs 2,200 per sq.ft (2024)
• Gopal Reddy Estate: Rs 1,700 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

To calculate your own fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Govindasamy Nagar 2nd Street?

The Sub Registrar Office that covers Govindasamy Nagar 2nd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Jampuli. It serves as a benchmark for determining the minimum value of a property for stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value can affect the overall costs involved in the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price, which can significantly impact the total expenditure.

Frequently asked questions

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

The current guideline value for Govindasamy Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

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

Govindasamy Nagar 2nd Street is classified as Residential Class II Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What are the other streets in Jampuli with similar guideline values?

Other streets in Jampuli with a guideline value of Rs 2,200 per sq.ft include Govindasamy Nagar 1st Street, Govindasamy Nagar 3rd Street, Govindasamy Nagar 4th Street, Govindasamy Nagar Annex, and Govindasamy Street.