Guideline Value for Coovam River road

Coovam River road guideline value

The current guideline value of Coovam River road is Rs 4,900 per sq.ft, effective from 1 July 2024. This road is located in Egmore village, under the Periamet SRO, and is classified as Residential Class II Type - III.

How the guideline value of Coovam River road has changed

The guideline value for Coovam River road has seen several revisions over the years. In 2002, the guideline value was Rs 775 per sq.ft. This increased to Rs 855 per sq.ft in 2003, marking a 10% rise. The value further increased to Rs 1,200 per sq.ft in 2007, a significant jump of 40%. By 2012, the value was Rs 4,500 per sq.ft, reflecting a large increase of 275% from the previous figure. However, it then decreased to Rs 3,015 per sq.ft in 2017, representing a decline of 33%. The guideline value rose again to Rs 4,500 per sq.ft in 2023, and finally reached Rs 4,900 per sq.ft in 2024, which is a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 532%. There are no figures available for any other years for this street in the register.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, placing Coovam River road's 2024 figure below that median.

• Coovam riverLane: Rs 4,900 per sq.ft (2024)
• Corporation Model Line: Rs 3,400 per sq.ft (2024)
• Club road: Rs 13,400 per sq.ft (2024)
• Damodara MudaliStreet: Rs 11,000 per sq.ft (2024)
• Damodara Murthy lane / road: Rs 11,000 per sq.ft (2024)
• Dams Road: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Coovam River road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total to Rs 4,41,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Coovam River road?

The Sub Registrar Office that covers Coovam River road is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Egmore. It serves as a benchmark for determining the official value of a property, which is used for calculating stamp duty and registration fees.

When a buyer or seller engages in a property transaction, the guideline value ensures that the transaction is recorded accurately and fairly. It helps maintain transparency in property dealings and ensures that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Coovam River road?

The current guideline value of Coovam River road is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 775 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 532%.

What is the classification of Coovam River road?

Coovam River road is classified as Residential Class II Type - III.

Where is the Sub Registrar Office located for Coovam River road?

The Sub Registrar Office for Coovam River road is located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.