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

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

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

The guideline value for K.V.T. Garden Phase-II has undergone several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft. This was followed by a significant increase in the 2023 revision, where the value rose to Rs 2,500 per sq.ft, marking an increase of 49% from the previous revision. The most recent 2024 revision has further increased the guideline value to Rs 2,700 per sq.ft, reflecting an 8% rise from 2023. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 61%. This reflects the changes in the property values over the years, indicating a steady rise in the guideline value for K.V.T. Garden Phase-II.

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, placing K.V.T. Garden Phase-II's 2024 figure above the median.

• K.V.T. Garden Phase-I: 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-II

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty is charged at 7%, which comes to Rs 1,89,000, and the registration fee at 2% amounts to Rs 54,000. Therefore, the total cost for stamp duty and registration fee together is Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

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

The K.V.T. Garden Phase-II falls under the Madhavaram Sub Registrar Office located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more details, you can find your SRO.

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

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

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate fees based on the property's value as determined by the guideline register.

Frequently asked questions

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

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

How 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 for other streets in Madhavaram?

Other streets in Madhavaram have varying guideline values, ranging from Rs 1,300 to Rs 7,500 per sq.ft. K.V.T. Garden Phase-II's value is above the median of Rs 1,600 per sq.ft.

What fees are involved when purchasing property in K.V.T. Garden Phase-II?

When purchasing property in K.V.T. Garden Phase-II, buyers must pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for K.V.T. Garden Phase-II is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more details online.