Guideline Value for Govindaswamy Nagar 2nd Cross Street

Govindaswamy Nagar 2nd Cross Street guideline value

The current guideline value of Govindaswamy Nagar 2nd Cross 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 2nd Cross Street has changed

The guideline value register for Govindaswamy Nagar 2nd Cross Street shows that there are no figures available for the years 2002, 2003, 2007, 2012, 2017, and 2023. The most recent revision, effective from 1 July 2024, sets the guideline value at Rs 2,200 per sq.ft.

Prior to the 2024 revision, there were no recorded figures for this street in the guideline value register. Therefore, the current value is the first recorded figure for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Govindaswamy Nagar 2nd Cross Street is below this median.

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

Stamp duty and registration fee for property in Govindaswamy Nagar 2nd Cross 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, and the registration fee at 2% would be Rs 44,000, bringing the total cost for stamp duty and registration fees to Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Govindaswamy Nagar 2nd Cross Street?

The Sub Registrar Office that covers Govindaswamy Nagar 2nd Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Madipakkam-1. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory for all property transactions.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, reflecting the market conditions of the area. This helps in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Govindaswamy Nagar 2nd Cross Street?

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

What are the other streets with the same guideline value in Madipakkam-1?

Other streets in Madipakkam-1 that have the same guideline value of Rs 2,200 per sq.ft include Govindaswamy Nagar 1st Street, Govindaswamy Nagar 2nd Street, Govindaswamy Nagar 1st Cross Street, Govindaswamy Nagar 3rd Cross Street, Govindaswamy Nagar 11th Street, and Govindaswamy Nagar 10th Street.

How is stamp duty calculated for properties in Govindaswamy Nagar 2nd Cross Street?

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

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

The Sub Registrar Office covering Govindaswamy Nagar 2nd Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Govindaswamy Nagar 2nd Cross Street?

The land classification for Govindaswamy Nagar 2nd Cross Street is Residential Class II Type - I, indicating its suitability for residential development.