Guideline Value for Govindasamy Street (M.G.R.Nagar)

Govindasamy Street (M.G.R.Nagar) guideline value

The current guideline value of Govindasamy Street (M.G.R.Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO, with a land classification of Residential Class IV Type - II.

How the guideline value of Govindasamy Street (M.G.R.Nagar) has changed

The guideline value for Govindasamy Street (M.G.R.Nagar) has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%, reaching Rs 3,000 per sq.ft. The most recent revision in 2024 has further increased the value to Rs 3,300 per sq.ft, reflecting a 10% rise from the previous year.

It is important to note that there are no recorded figures for Govindasamy Street (M.G.R.Nagar) in the revisions of 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, placing Govindasamy Street (M.G.R.Nagar) below this median.

• Govindasamy Street (JPT): Rs 4,900 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 (M.G.R.Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 to estimate your fees.

Which Sub Registrar Office covers Govindasamy Street (M.G.R.Nagar)?

The Sub Registrar Office that covers Govindasamy Street (M.G.R.Nagar) 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 plays a crucial role in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer typically pays stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Govindasamy Street (M.G.R.Nagar)?

The current guideline value of Govindasamy Street (M.G.R.Nagar) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has fluctuated over the years, with the most recent increase from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024. The value was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification for Govindasamy Street (M.G.R.Nagar)?

Govindasamy Street (M.G.R.Nagar) is classified as Residential Class IV Type - II. This classification indicates the type of development permissible in the area.

What are the stamp duty and registration fees for properties on this street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Which office handles the registration for Govindasamy Street (M.G.R.Nagar)?

The Ashok Nagar Sub Registrar Office is responsible for handling registrations for Govindasamy Street (M.G.R.Nagar). Its address is Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.