Guideline Value for Govindhappa Naicken Street 3rd Cross Street

Govindhappa Naicken Street 3rd Cross Street guideline value

The current guideline value of Govindhappa Naicken Street 3rd Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Govindhappa Naicken Street 3rd Cross Street has changed

The guideline value for Govindhappa Naicken Street 3rd Cross Street has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 194 per sq.ft. It increased to Rs 213 per sq.ft in 2003, marking a 10% rise. The subsequent revision in 2007 saw a significant jump to Rs 400 per sq.ft, which was an increase of 88%. The 2012 revision maintained the value at Rs 2,500 per sq.ft, showing no change from the previous year.

From 2012 to 2017, the value decreased to Rs 1,675 per sq.ft, reflecting a decline of 33%. However, the value rebounded to Rs 2,500 per sq.ft in 2023, before reaching the current rate of Rs 2,750 per sq.ft in 2024, which is a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1,318%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO with a 2024 guideline value range from Rs 2,200 to Rs 6,050 per sq.ft. The median value for these streets is Rs 3,050 per sq.ft, placing Govindhappa Naicken Street 3rd Cross Street below this median.

• Govindhappa Naicken Street 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Govindhappa Naicken Street 1st Main Road: Rs 2,750 per sq.ft (2024)
• Govindhappa Naicken Street 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Govindaraja Nagar: Rs 2,750 per sq.ft (2024)
• G.K.Industrial Estate 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• G.K.Industrial Estate 2nd Main Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Govindhappa Naicken Street 3rd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the 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 precise calculations.

Which Sub Registrar Office covers Govindhappa Naicken Street 3rd Cross Street?

The Sub Registrar Office that covers Govindhappa Naicken Street 3rd Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Maduravoyal

The guideline value is a crucial factor during property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered. This means that buyers and sellers must consider the guideline value when finalizing sale prices to ensure compliance with registration requirements.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Govindhappa Naicken Street 3rd Cross Street?

The current guideline value of Govindhappa Naicken Street 3rd Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 194 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, which is an overall increase of 1,318%.

What is the land classification of Govindhappa Naicken Street 3rd Cross Street?

The land classification for Govindhappa Naicken Street 3rd Cross Street is Residential Class IV Type - I.

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

The Sub Registrar Office for Govindhappa Naicken Street 3rd Cross Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, on a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000.