Guideline Value for KAVIYA NAGAR 3rd STREET

KAVIYA NAGAR 3rd STREET guideline value

The current guideline value of KAVIYA NAGAR 3rd STREET is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the jurisdiction of the Villivakkam SRO. The land classification for this area is Residential Class III Type - III.

How the guideline value of KAVIYA NAGAR 3rd STREET has changed

The guideline value for KAVIYA NAGAR 3rd STREET has seen several revisions over the years. In 2007, the value was Rs 250 per sq.ft, which significantly increased to Rs 1,500 per sq.ft in 2012. This figure remained unchanged until the next revision in 2023, where it was again Rs 1,500 per sq.ft. However, in 2024, the guideline value was revised to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 540%. It is important to note that there are no figures available for the years 2002, 2003, and 2017 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. KAVIYA NAGAR 3rd STREET's 2024 guideline value is below this median.

• KAVIYA NAGAR 2nd STREET: Rs 1,600 per sq.ft (2024)
• KAVIYA NAGAR 1st STREET: Rs 1,600 per sq.ft (2024)
• KAVIYA NAGAR: Rs 1,600 per sq.ft (2024)
• Kesava Avenue: Rs 2,100 per sq.ft (2024)
• Kattabomman Street (Kallikuppam): Rs 1,100 per sq.ft (2024)
• Kasthuri Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in KAVIYA NAGAR 3rd STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, while the registration fee at 2% would be Rs 32,000. Together, the total cost for stamp duty and registration would be Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers KAVIYA NAGAR 3rd STREET?

The Sub Registrar Office that covers KAVIYA NAGAR 3rd STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue based on the property's assessed value.

When a property is sold, the buyer must pay the stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and legally within the framework established by the Registration Department.

Frequently asked questions

What is the current guideline value of KAVIYA NAGAR 3rd STREET?

The current guideline value of KAVIYA NAGAR 3rd STREET is Rs 1,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 250 per sq.ft to Rs 1,600 per sq.ft in 2024, marking a total increase of 540% over this period.

What are the stamp duty and registration fees for properties in KAVIYA NAGAR 3rd STREET?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which Sub Registrar Office covers KAVIYA NAGAR 3rd STREET?

The Villivakkam Sub Registrar Office covers KAVIYA NAGAR 3rd STREET, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

Are there other streets with the same guideline value in Korattur?

Yes, KAVIYA NAGAR 2nd STREET, KAVIYA NAGAR 1st STREET, and KAVIYA NAGAR all share the same guideline value of Rs 1,600 per sq.ft in 2024.