Guideline Value for Govindasamy Street (JPT)

Govindasamy Street (JPT) guideline value

The current guideline value of Govindasamy Street (JPT) is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village, under the Ashok Nagar Sub Registrar Office. The land classification for this area is Residential Class III Type - II.

How the guideline value of Govindasamy Street (JPT) has changed

The guideline value for Govindasamy Street (JPT) has undergone several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 1,210 per sq.ft. This increased significantly to Rs 4,500 per sq.ft in 2012, marking a rise of 272%. However, it then decreased to Rs 3,015 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 4,500 per sq.ft in 2023, and the latest revision in 2024 set the value at Rs 4,900 per sq.ft, reflecting a 9% increase from the previous year.

For the years 2002 and 2003, the register has no figure for this street. Overall, from 2007 to 2024, the guideline value has increased by 305%, showing a significant upward trend in the value of this property.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value is Rs 4,900 per sq.ft, which is equal to the current value for Govindasamy Street (JPT).

• Govindasamy Street (M.G.R.Nagar): Rs 3,300 per sq.ft (2024)
• Govindhachari Salai: Rs 3,300 per sq.ft (2024)
• Govindan Street Block 62: Rs 7,700 per sq.ft (2024)
• Gothandaramapillai Garden: Rs 4,100 per sq.ft (2024)
• Gothandan Street: Rs 4,100 per sq.ft (2024)
• Gopal Street(M.G.R.Nagar): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Govindasamy Street (JPT)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty, charged at 7%, would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total to Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Govindasamy Street (JPT)?

The Sub Registrar Office that covers Govindasamy Street (JPT) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Kodambakkam. It serves as a benchmark for determining the sale price of properties and is used to calculate the stamp duty and registration fees applicable during the transaction. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This process helps maintain transparency and integrity in the real estate market, ensuring that all parties involved are aware of the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Govindasamy Street (JPT)?

The current guideline value of Govindasamy Street (JPT) is Rs 4,900 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 1,210 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, marking an overall increase of 305% over the years.

What is the land classification for Govindasamy Street (JPT)?

Govindasamy Street (JPT) is classified as Residential Class III Type - II, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Govindasamy Street (JPT) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Govindasamy Street (JPT)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 at 7%.