Guideline Value for K.V.T. Garden Phase-I

K.V.T. Garden Phase-I guideline value

The current guideline value of K.V.T. Garden Phase-I is Rs 2,700 per sq.ft, effective from 1 July 2024. This property is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Special Type - I.

How the guideline value of K.V.T. Garden Phase-I has changed

The guideline value for K.V.T. Garden Phase-I has seen several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which then increased to Rs 2,500 per sq.ft in the 2023 revision. The most recent revision in 2024 raised the guideline value to Rs 2,700 per sq.ft, marking an increase of 8% from the previous year.

From 2017 to 2023, the guideline value increased by 49%, and overall, from 2017 to 2024, it has risen by 61%. There are no figures available in the register for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, making the current guideline value for K.V.T. Garden Phase-I above that median.

• K.V.T. Garden Phase-II: Rs 2,700 per sq.ft (2024)
• KVT Garden Phase-III: Rs 2,700 per sq.ft (2024)
• KVS Street, Mrh Road (Ward-10): Rs 1,300 per sq.ft (2024)
• Kurinji Nagar: Rs 1,300 per sq.ft (2024)
• Lakshmi Amman Koil Street (Ward-11): Rs 1,300 per sq.ft (2024)
• Kuppu Street (Ward-1): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in K.V.T. Garden Phase-I

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, resulting in a total of Rs 2,43,000. Please note that the 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 details on the fees applicable to your property transaction.

Which Sub Registrar Office covers K.V.T. Garden Phase-I?

The K.V.T. Garden Phase-I is covered by the Madhavaram Sub Registrar Office located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Madhavaram. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must refer to the current guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value serves as a benchmark for calculating the taxes owed. It is essential for both parties to be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of K.V.T. Garden Phase-I?

The current guideline value of K.V.T. Garden Phase-I is Rs 2,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,675 per sq.ft in 2017 to Rs 2,500 per sq.ft in 2023, and then to Rs 2,700 per sq.ft in 2024. This represents an overall increase of 61% from 2017 to 2024.

What are the guideline values of other streets in Madhavaram?

Other streets in Madhavaram have varying guideline values, with K.V.T. Garden Phase-II and KVT Garden Phase-III both at Rs 2,700 per sq.ft in 2024. Other streets like KVS Street, Mrh Road (Ward-10), Kurinji Nagar, Lakshmi Amman Koil Street (Ward-11), and Kuppu Street (Ward-1) are all at Rs 1,300 per sq.ft.

What fees are associated with registering property in K.V.T. Garden Phase-I?

When registering property in K.V.T. Garden Phase-I, the stamp duty is charged at 7% of the guideline value, and the registration fee is charged at 2%. For example, a 1,000 sq.ft plot would incur a total fee of Rs 2,43,000.

Where can I find the Sub Registrar Office for K.V.T. Garden Phase-I?

The Madhavaram Sub Registrar Office, which covers K.V.T. Garden Phase-I, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information about this office through the provided link.