Guideline Value for Govindaswamy Nagar 1st Street

Govindaswamy Nagar 1st Street guideline value

The current guideline value of Govindaswamy Nagar 1st 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. The land classification for this area is Residential Class II Type - I.

How the guideline value of Govindaswamy Nagar 1st Street has changed

The guideline value register for Govindaswamy Nagar 1st Street shows no figures for the years 2002, 2003, 2007, 2012, 2017, and 2023. The only revision available is from 2024, which sets the current rate at Rs 2,200 per sq.ft.

Since there have been no changes recorded in the guideline value for this street in the previous revisions, the 2024 figure remains the sole reference for this property.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 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 for the village is Rs 2,750 per sq.ft, making the current value of Govindaswamy Nagar 1st Street below the median.

• Govindaswamy Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 11th Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 10th Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Govindaswamy Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty, calculated at 7%, would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, these fees total 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 detailed calculations.

Which Sub Registrar Office covers Govindaswamy Nagar 1st Street?

The Sub Registrar Office that covers Govindaswamy Nagar 1st 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 plays a crucial role during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value is used to calculate applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Govindaswamy Nagar 1st Street?

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

How has the guideline value changed over the years?

There have been no recorded figures for Govindaswamy Nagar 1st Street in the revisions for the years 2002, 2003, 2007, 2012, 2017, and 2023. The only figure available is from the 2024 revision at Rs 2,200 per sq.ft.

What are the guideline values for other streets in Madipakkam-1?

Other streets in Madipakkam-1 under the Velacheri SRO have guideline values ranging from Rs 2,200 per sq.ft. You can find more details on each street's value in the list provided above.

How is stamp duty calculated for properties in Govindaswamy Nagar 1st Street?

Stamp duty for properties in Govindaswamy Nagar 1st Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where can I find the Sub Registrar Office for this area?

The Velacheri Sub Registrar Office covers Govindaswamy Nagar 1st Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find more information about your SRO through the provided link.