Guideline Value for K.V.R NAGAR

K.V.R Nagar guideline value

The current guideline value of K.V.R Nagar, located in Korattur village under the Villivakkam SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - I land classification.

How the guideline value of K.V.R Nagar has changed

The guideline value for K.V.R Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 375 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2012. However, this value decreased to Rs 804 per sq.ft in the 2017 revision. The subsequent revisions saw an increase, with the 2023 revision at Rs 1,200 per sq.ft and the latest 2024 revision at Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 247%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. K.V.R Nagar's 2024 guideline value is below this median.

• Lakeview Garden: Rs 2,500 per sq.ft (2024)
• Lakeview Garden Extension: Rs 2,500 per sq.ft (2024)
• Lakeview Nagar (Kallikupppam): Rs 1,600 per sq.ft (2024)
• Lakshmi Ammal Street: Rs 1,600 per sq.ft (2024)
• Kuppu Reddy Nagar / Streets (K.R Nagar): Rs 3,300 per sq.ft (2024)
• Kuppu Reddy Nagar 'reddy Street': Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in K.V.R Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers K.V.R Nagar?

K.V.R Nagar is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find your SRO for more information.

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

The guideline value is crucial when registering property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value helps in assessing the official value of the property for taxation purposes. This ensures that both buyers and sellers are aware of the financial implications associated with property transactions in the area.

Frequently asked questions

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

The current guideline value of K.V.R Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 375 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024. The most notable increase occurred between 2012 and 2017, where it decreased, followed by increases in subsequent revisions.

What is the land classification for K.V.R Nagar?

K.V.R Nagar falls under the Residential Class IV Type - I land classification. This classification is important for determining the applicable regulations and guidelines for property transactions.

Where can I find the Sub Registrar Office for K.V.R Nagar?

The Villivakkam Sub Registrar Office covers K.V.R Nagar and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in K.V.R Nagar?

Stamp duty for properties in K.V.R Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 13,00,000 would incur a stamp duty of Rs 91,000 at a rate of 7%.