Guideline Value for Govindasamy Street

Govindasamy Street guideline value

The current guideline value of Govindasamy Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Govindasamy Street has changed

The guideline value for Govindasamy Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. In the subsequent 2023 revision, the value increased to Rs 2,000 per sq.ft, marking a significant rise of 49%. The most recent 2024 revision has further increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, making the current guideline value of Govindasamy Street below the median.

• Govindasamy Nagar Part IV: Rs 2,200 per sq.ft (2024)
• Govindasamy Nagar Extension(Arumugam Nagar): Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 10th Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 11th Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 1st Cross Street: Rs 2,200 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 at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, making the total cost for these fees Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more specific calculations.

Which Sub Registrar Office covers Govindasamy Street?

The Sub Registrar Office that covers Govindasamy Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being sold or purchased.

When you buy or sell property, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. It is advisable to be aware of the current guideline value to avoid any discrepancies during the registration process.

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 much has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% over these years.

What are the stamp duty rates for properties on Govindasamy Street?

The stamp duty for properties on Govindasamy Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Govindasamy Street?

The Velacheri Sub Registrar Office covers Govindasamy Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is revised periodically based on various factors. It reflects the market conditions and is used for calculating stamp duty and registration fees during property transactions.