Guideline Value for Govindaswamy Nagar 7th Cross Street

Govindaswamy Nagar 7th Cross Street guideline value

The current guideline value of Govindaswamy Nagar 7th 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, classified as Residential Class II Type - I.

How the guideline value of Govindaswamy Nagar 7th Cross Street has changed

The guideline value for Govindaswamy Nagar 7th Cross Street has seen several revisions over the years. The earliest recorded figure is from the 2017 revision, which was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are a total of 1,823 streets under the Velacheri SRO that have a guideline value for 2024, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, which means that the guideline value for Govindaswamy Nagar 7th Cross Street is below this median.

• Govindaswamy Nagar 6th Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 7th Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 6th CrossStreet: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 8th Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 5th Street: Rs 2,200 per sq.ft (2024)
• Govindaswamy Nagar 9th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Govindaswamy Nagar 7th 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 fees to 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 detailed calculations.

Which Sub Registrar Office covers Govindaswamy Nagar 7th Cross Street?

The Sub Registrar Office that covers Govindaswamy Nagar 7th 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 is an essential factor when registering 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 state receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. Buyers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Govindaswamy Nagar 7th Cross Street?

The current guideline value of Govindaswamy Nagar 7th Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% over these years.

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

Other streets in Madipakkam-1 that have the same guideline value of Rs 2,200 per sq.ft for 2024 include Govindaswamy Nagar 6th Street, Govindaswamy Nagar 7th Street, Govindaswamy Nagar 6th CrossStreet, Govindaswamy Nagar 8th Street, Govindaswamy Nagar 5th Street, and Govindaswamy Nagar 9th Street.

What is the stamp duty for a property in Govindaswamy Nagar 7th Cross Street?

The stamp duty for a property in Govindaswamy Nagar 7th Cross Street is calculated at 7% of the guideline value or sale price, whichever is higher. For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.

Where is the Sub Registrar Office for Govindaswamy Nagar 7th Cross Street located?

The Sub Registrar Office for Govindaswamy Nagar 7th Cross Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.