Guideline Value for Govindasamy Street

Govindasamy Street guideline value

The current guideline value for Govindasamy Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Govindasamy Street has changed

The guideline value for Govindasamy Street has seen several revisions over the years. In 2002, the value was Rs 528 per sq.ft, which increased to Rs 577 per sq.ft in 2003, marking a 9% rise. The value then rose significantly to Rs 850 per sq.ft in 2007, a 47% increase. By 2012, the value was Rs 3,000 per sq.ft, reflecting a substantial 253% increase from the previous revision. However, it decreased to Rs 2,010 per sq.ft in 2017, showing a decline of 33%.

From 2017 to 2023, the guideline value jumped to Rs 3,000 per sq.ft, a 49% increase, and further rose to Rs 3,300 per sq.ft in 2024, which is a 10% increase. The overall change from 2002 to 2024 represents a 525% increase. The register has no figure for the years not mentioned above.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, making the guideline value for Govindasamy Street below this median.

• Harikrishna Street: Rs 3,300 per sq.ft (2024)
• Indira Gandhi Road: Rs 3,300 per sq.ft (2024)
• Indira Gandhi Street: Rs 3,300 per sq.ft (2024)
• Gangaiamman Koil Street: Rs 4,950 per sq.ft (2024)
• Gangadharan Street: Rs 4,950 per sq.ft (2024)
• Gandhi Street: Rs 4,400 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 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost for these charges Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Govindasamy Street?

The Sub Registrar Office that covers Govindasamy Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value for Govindasamy Street?

The current guideline value for Govindasamy Street 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 increased from Rs 528 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 525%.

What are the stamp duty and registration fees for property in Govindasamy Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 33,00,000, with stamp duty at Rs 2,31,000 and registration fee at Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office is responsible for Govindasamy Street?

The Virugambakkam Sub Registrar Office is responsible for Govindasamy Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Govindasamy Street?

Govindasamy Street is classified as Residential Class III Type - I, indicating its intended use for residential purposes.