Guideline Value for K.V.I.C.NAGAR

K.V.I.C.Nagar guideline value

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

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

The guideline value for K.V.I.C.Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. The subsequent 2023 revision increased the value to Rs 2,000 per sq.ft, followed by the latest 2024 revision that raised it to Rs 2,200 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it saw a significant increase of 49%. The jump from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from the 2012 to 2024 revisions.

Guideline values in Gowrivakkam

In Gowrivakkam, there are 130 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 840 to Rs 3,750 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which aligns with the current guideline value for K.V.I.C.Nagar.

• K.V.I.C Nagar Pirathana Salai: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is calculated at 7%, resulting in Rs 1,54,000, while the registration fee at 2% amounts to Rs 44,000. Together, the total cost for stamp duty and registration fee is Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

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

The Sub Registrar Office that covers K.V.I.C.Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Gowrivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted at fair values as per the government regulations.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which may affect the overall cost of the transaction.

Frequently asked questions

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

The current guideline value of K.V.I.C.Nagar 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for property in K.V.I.C.Nagar?

For a 1,000 sq.ft plot at the current rate, the total guideline value is Rs 22,00,000. The stamp duty is Rs 1,54,000 and the registration fee is Rs 44,000, totaling Rs 1,98,000.

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

The Selaiyur Sub Registrar Office handles registrations for K.V.I.C.Nagar, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is the guideline value determined for properties in Gowrivakkam?

The guideline value is determined based on various factors, including the location and classification of the property. It is revised periodically to reflect changes in the real estate market and is used to calculate stamp duty and registration fees during property transactions.