Guideline Value for E.V.P. NAGAR 2ND STREET

E.V.P. Nagar 2nd Street guideline value

The current guideline value of E.V.P. Nagar 2nd Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Kolathuvancheri village, under the Chennai South Joint I SRO, and is classified as Residential Class IV Type - I.

How the guideline value of E.V.P. Nagar 2nd Street has changed

Over the years, the guideline value of E.V.P. Nagar 2nd Street has seen several revisions. The 2007 revision set the value at Rs 500 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2012. However, it then dropped to Rs 804 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,200 per sq.ft in 2023 and further to Rs 1,320 per sq.ft in 2024, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. The 2012 revision to the 2017 revision saw a decrease of 33%, while the 2007 revision to the 2012 revision experienced a significant rise of 140%. Overall, from 2007 to 2024, the guideline value has increased by 164%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, which means that E.V.P. Nagar 2nd Street's 2024 figure is below this median.

• E.V.P. Nagar 1st Street: Rs 1,320 per sq.ft (2024)
• E.V.P. Nagar 3rd Street: Rs 1,320 per sq.ft (2024)
• E.V.P. Nagar 4th Street: Rs 1,320 per sq.ft (2024)
• E.V.P. Prabhu Avenue: Rs 2,200 per sq.ft (2024)
• E.V.P. Prabhu Avenue 10th Street: Rs 2,200 per sq.ft (2024)
• E.V.P. Prabhu Avenue 1st Main Salai: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in E.V.P. Nagar 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, together totaling Rs 1,18,800. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers E.V.P. Nagar 2nd Street?

The Sub Registrar Office that covers E.V.P. Nagar 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

When buying or selling property in Kolathuvancheri, the guideline value plays a crucial role during the registration process. It serves as a benchmark for determining the minimum value at which the property can be registered, ensuring that the transaction reflects a fair value in accordance with government standards.

Additionally, the guideline value impacts the calculation of stamp duty and registration fees, which are essential costs involved in property transactions. Buyers and sellers must consider these values to ensure compliance with legal requirements and to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of E.V.P. Nagar 2nd Street?

The current guideline value of E.V.P. Nagar 2nd Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 164% over the years.

What is the median guideline value for streets in Kolathuvancheri?

The median guideline value for streets in Kolathuvancheri is Rs 1,650 per sq.ft, which is higher than the current value of E.V.P. Nagar 2nd Street.

What are the stamp duty and registration fees for property in E.V.P. Nagar 2nd Street?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which office handles registrations for E.V.P. Nagar 2nd Street?

The Chennai South Joint I Sub Registrar Office handles registrations for E.V.P. Nagar 2nd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.