Guideline Value for K.V.I.C Nagar Pirathana Salai

K.V.I.C Nagar Pirathana Salai guideline value

The current guideline value of K.V.I.C Nagar Pirathana Salai is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Gowrivakkam village and falls under the Selaiyur SRO, classified as Residential Special Type - I.

How the guideline value of K.V.I.C Nagar Pirathana Salai has changed

The guideline value for K.V.I.C Nagar Pirathana Salai has seen several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 600 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, reflecting a rise of 233%. However, it then decreased to Rs 1,340 per sq.ft in 2017, marking a decline of 33%. The value climbed again to Rs 2,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 2,200 per sq.ft, an increase of 10% from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the current 2024 figure, there has been a substantial increase of 267%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Gowrivakkam

In Gowrivakkam, there are 130 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 840 to Rs 3,750 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value for K.V.I.C Nagar Pirathana Salai. Below are the guideline values for other streets in Gowrivakkam:

• K.V.I.C.Nagar: Rs 2,200 per sq.ft (2024)
• Kulakarai Street: Rs 850 per sq.ft (2024)
• Metro Apartments: Rs 840 per sq.ft (2024)
• Mutharamman Koil Street: Rs 840 per sq.ft (2024)
• Nagalingam Street: Rs 1,600 per sq.ft (2024)
• Nakkiran Street: Rs 840 per sq.ft (2024)

Stamp duty and registration fee for property in K.V.I.C Nagar Pirathana Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers K.V.I.C Nagar Pirathana Salai?

The K.V.I.C Nagar Pirathana Salai falls under the jurisdiction of the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opposite to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during property registration in Gowrivakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers should always be aware that the guideline value may influence the overall cost of the transaction.

When a property is sold, the guideline value helps to ensure that the transaction is recorded at a fair value, preventing undervaluation. This process is essential for maintaining transparency and consistency within the real estate market.

Frequently asked questions

What is the current guideline value of K.V.I.C Nagar Pirathana Salai?

The current guideline value of K.V.I.C Nagar Pirathana Salai is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 267% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for K.V.I.C Nagar Pirathana Salai?

The Selaiyur Sub Registrar Office handles registrations for K.V.I.C Nagar Pirathana Salai, located at No.36, Bharathmatha Salai, East Tambaram, Chennai.

What is the land classification for K.V.I.C Nagar Pirathana Salai?

K.V.I.C Nagar Pirathana Salai is classified as Residential Special Type - I, indicating its suitability for residential development.