Guideline Value for Govindaswamy Nagar 3rd Street

Govindaswamy Nagar 3rd Street guideline value

The current guideline value of Govindaswamy Nagar 3rd 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 3rd Street has changed

The register for Govindaswamy Nagar 3rd Street shows no guideline value figures for the years 2002, 2003, 2007, 2012, 2017, and 2023. The only available figure is from the 2024 revision, which is Rs 2,200 per sq.ft.

As there are no previous figures listed for this street, the 2024 revision marks the first recorded guideline value. There have been no changes in the guideline value between the revisions available, and thus, the current rate stands alone in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1,823 streets under the Velacheri SRO that carry a 2024 guideline value. These values range 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 3rd Street is below this median.

• Govindaswamy Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 5th Cross Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Govindaswamy Nagar 3rd 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. Together, these fees would 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Govindaswamy Nagar 3rd Street?

The Sub Registrar Office that covers Govindaswamy Nagar 3rd 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 details.

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 properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the 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, which can affect the total cost involved in the transaction.

Frequently asked questions

What is the current guideline value of Govindaswamy Nagar 3rd Street?

The current guideline value of Govindaswamy Nagar 3rd 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 guideline values for Govindaswamy Nagar 3rd Street in the years 2002, 2003, 2007, 2012, 2017, and 2023. The only figure available is from the 2024 revision.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, which is above the current guideline value of Rs 2,200 per sq.ft for Govindaswamy Nagar 3rd Street.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles registrations for properties in the area, including Govindaswamy Nagar 3rd Street.