Guideline Value for Govindasamy street

Govindasamy street guideline value

The current guideline value of Govindasamy street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class IV 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 guideline value was Rs 195 per sq.ft, which increased to Rs 216 per sq.ft in 2003, marking an increase of approximately 11%. The value continued to rise significantly to Rs 500 per sq.ft in 2007, reflecting a substantial increase of 131%. Following this, the value rose dramatically to Rs 3,000 per sq.ft in 2012, which was a 500% increase from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 2,010 per sq.ft, a reduction of 33%. However, the value rebounded to Rs 3,000 per sq.ft in 2023, and then further increased to the current rate of Rs 3,300 per sq.ft in 2024, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1592%.

Guideline values in Virugambakkam

In Virugambakkam village, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Govindasamy street's 2024 figure below this median.

• Ganpathraj Nagar - Main Road: Rs 3,850 per sq.ft (2024)
• Ganpath Raj Nagar - Gandhi Road: Rs 4,400 per sq.ft (2024)
• Ganpathraj Nagar - 2nd Street: Rs 3,300 per sq.ft (2024)
• Ganpathraj Nagar - 1st Street: Rs 3,300 per sq.ft (2024)
• Gangaiamman Koil Street: Rs 4,400 per sq.ft (2024)
• INDIRA NAGAR 1st Cross Street: Rs 2,750 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, bringing the total to Rs 2,97,000. Please 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 for more information.

Which Sub Registrar Office covers Govindasamy street?

The Sub Registrar Office that covers Govindasamy street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for further assistance.

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

The guideline value is an essential factor in the registration process for property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the law. It is crucial for buyers to be aware of the guideline value to ensure they are paying a fair price and to calculate the applicable fees accurately.

Frequently asked questions

What is the current guideline value of Govindasamy street?

The current guideline value of 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 195 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1592% over the years.

What is the land classification of Govindasamy street?

Govindasamy street is classified as Residential Class IV Type - I.

What is the median guideline value in Virugambakkam?

The median guideline value for streets in Virugambakkam is Rs 4,400 per sq.ft, which is higher than the current value of Govindasamy street.

Where is the Sub Registrar Office for Govindasamy street located?

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