Guideline Value for Govindasamy Street

Govindasamy Street guideline value

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

How the guideline value of Govindasamy Street has changed

The guideline value for Govindasamy Street has undergone several revisions over the years. In 2012, the value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in the 2017 revision. However, this figure saw a significant increase to Rs 2,000 per sq.ft in 2023, and further rose by 10% to Rs 2,200 per sq.ft in the 2024 revision. It is important to note that the register has no figures for the years 2002, 2003, and 2007.

From 2017 to 2023, the guideline value increased by 49%, while there was a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Jampuli

In Jampuli village, there are 118 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,700 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,450 per sq.ft, placing Govindasamy Street's 2024 figure below that median.

• Govindasamy Nagar Annex: Rs 2,200 per sq.ft (2024)
• Govindasamy Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Govindasamy Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Govindasamy Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Govindasamy Nagar 1st 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 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, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, these fees would total Rs 1,98,000. It's important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Govindasamy Street?

The Sub Registrar Office that covers Govindasamy 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 is a crucial factor when buying or selling property in Jampuli. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable fees, which are based on either the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Govindasamy Street?

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

How has the guideline value changed 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 increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for properties on Govindasamy Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles the registration for Govindasamy Street?

The Madhavaram Sub Registrar Office handles the registration for Govindasamy Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Govindasamy Street?

Govindasamy Street is classified as Residential Class II Type - I according to the local regulations.