Guideline Value for Coovam riverLane

Coovam riverLane guideline value

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

How the guideline value of Coovam riverLane has changed

The guideline value for Coovam riverLane has undergone several revisions over the years. In 2002, the value was Rs 601 per sq.ft. This increased to Rs 663 per sq.ft in 2003, marking a 10% rise. By 2007, the value saw a significant jump to Rs 800 per sq.ft, reflecting a 21% increase. The next revision in 2012 brought the value to Rs 4,500 per sq.ft, which was a substantial increase of 463%. However, in 2017, the value decreased to Rs 3,015 per sq.ft, representing a decline of 33%. The 2023 revision set the value at Rs 4,500 per sq.ft, and the most recent revision in 2024 raised it to Rs 4,900 per sq.ft, showing a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by 715%. There are no figures available for other revisions for this street.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft, with a median value of Rs 7,100 per sq.ft. The guideline value of Coovam riverLane is below this median.

• Coovam River road: 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 riverLane

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 fees together to Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Coovam riverLane?

The Sub Registrar Office that covers Coovam riverLane 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 during the registration process when buying or selling property in Egmore. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher.

When a property is registered, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for both the buyer and seller. This process aids in maintaining transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Coovam riverLane?

The current guideline value of Coovam riverLane 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 601 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 715% over the years.

What is the land classification for Coovam riverLane?

Coovam riverLane is classified as Residential Class II Type - III.

What are the stamp duty and registration fees for property in Coovam riverLane?

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which office handles the registration for Coovam riverLane?

The registration for Coovam riverLane is handled by the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.