Guideline Value for Govindaswamy Nagar 4th Street

Govindaswamy Nagar 4th Street guideline value

The current guideline value of Govindaswamy Nagar 4th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the jurisdiction of the Velacheri SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Govindaswamy Nagar 4th Street has changed

The guideline value for Govindaswamy Nagar 4th Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, a significant increase from the 2017 revision, which was Rs 1,340 per sq.ft. This change represents a rise of 64% from 2017 to 2024. The register has no figures for the years 2023, 2012, 2007, 2003, and 2002.

Prior to the 2017 revision, the guideline value for this street was not specified in the register. The 2017 figure of Rs 1,340 per sq.ft marked the first recorded value for this street in the recent revisions. The absence of figures for earlier years indicates that there was no established guideline value for Govindaswamy Nagar 4th Street prior to 2017.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry 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 of Rs 2,200 per sq.ft for Govindaswamy Nagar 4th Street is below this median.

• Govindaswamy Nagar 5th Cross Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 6th Cross 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 4th 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 be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total fees together Rs 1,98,000. It is important to note that 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 details.

Which Sub Registrar Office covers Govindaswamy Nagar 4th Street?

The Sub Registrar Office that covers Govindaswamy Nagar 4th 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 is a crucial factor when registering property transactions in Madipakkam-1. It determines the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded at a fair value as per the government regulations.

When buying or selling property, the guideline value helps in establishing a baseline for the transaction. This value is used to calculate the applicable taxes, making it essential for both buyers and sellers to be aware of the current rates in their respective areas.

Frequently asked questions

What is the current guideline value of Govindaswamy Nagar 4th Street?

The current guideline value of Govindaswamy Nagar 4th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, representing a change of 64%.

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

Other streets in Madipakkam-1 have varying guideline values, with rates ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft.

What is the stamp duty rate for properties in Govindaswamy Nagar 4th Street?

The stamp duty rate for properties in Govindaswamy Nagar 4th Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Govindaswamy Nagar 4th Street?

The Sub Registrar Office for Govindaswamy Nagar 4th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.