Guideline Value for CHINNA KOVILAMBAKKAM 6 TO 14 STREETS

Chinna Kovilambakkam 6 To 14 Streets guideline value

The current guideline value of Chinna Kovilambakkam 6 To 14 Streets is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Kovilambakkam village and falls under the Pallavaram SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Chinna Kovilambakkam 6 To 14 Streets has changed

The guideline value for Chinna Kovilambakkam 6 To 14 Streets has undergone several revisions over the years. The earliest recorded revision was in 2012, where the value was set at Rs 2,500 per sq.ft. This figure remained the same in the subsequent revision in 2017, which saw a decrease to Rs 1,675 per sq.ft. However, from 2017 to 2023, the value increased significantly by 49% to Rs 2,500 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 2,750 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. The overall change from 2012 to 2024 shows a 10% increase in the guideline value.

Guideline values in Kovilambakkam

Kovilambakkam village features a range of guideline values across its 61 streets under the Pallavaram SRO, with values varying from Rs 1,320 to Rs 5,610 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, which is the same as the current value for Chinna Kovilambakkam 6 To 14 Streets.

• Bhavani Nagar: Rs 2,160 per sq.ft (2024)
• Durakaiyamman Salai: Rs 2,200 per sq.ft (2024)
• Ganapathi Nagar: Rs 2,750 per sq.ft (2024)
• Ganapathy Nagar 1 To 5 Streets: Rs 2,750 per sq.ft (2024)
• Gandhi Nagar: Rs 1,320 per sq.ft (2024)
• Gandhi Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Chinna Kovilambakkam 6 To 14 Streets

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would amount 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 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 also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Chinna Kovilambakkam 6 To 14 Streets?

The Sub Registrar Office that covers Chinna Kovilambakkam 6 To 14 Streets is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions within Kovilambakkam, as it serves as a benchmark for determining the market value of properties. When buying or selling a property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that both parties are aware of the financial implications involved.

At the time of registration, the guideline value helps in establishing the official value of the property, which can influence various aspects of the transaction, including financing and taxation. It is crucial for buyers and sellers to be informed about the current guideline value to make well-informed decisions.

Frequently asked questions

What is the current guideline value of Chinna Kovilambakkam 6 To 14 Streets?

The current guideline value of Chinna Kovilambakkam 6 To 14 Streets 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 changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, marking a 10% increase. It was Rs 1,675 per sq.ft in 2017, which was a 49% increase from the previous value of Rs 2,500 per sq.ft in 2012.

What is the land classification for Chinna Kovilambakkam 6 To 14 Streets?

The land classification for Chinna Kovilambakkam 6 To 14 Streets is Residential Class I Type - I. This classification is important for determining the permissible uses of the land.

Where can I find the Sub Registrar Office for Chinna Kovilambakkam 6 To 14 Streets?

The Sub Registrar Office for Chinna Kovilambakkam 6 To 14 Streets is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Kovilambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 27,50,000, the stamp duty at 7% would be Rs 1,92,500.