Guideline Value for KOLAVILI AMMAN NAGAR 2ND STREET

Kolavili Amman Nagar 2nd Street guideline value

The current guideline value of Kolavili Amman Nagar 2nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO, classified as Residential Class IV Type - II.

How the guideline value of Kolavili Amman Nagar 2nd Street has changed

The guideline value for Kolavili Amman Nagar 2nd Street has seen several revisions since 2002. The earliest recorded value in 2002 was Rs 98 per sq.ft, which increased significantly to Rs 110 per sq.ft in 2003. Following this, the value rose dramatically to Rs 1,110 per sq.ft in 2007, then to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017, before climbing back to Rs 1,500 per sq.ft in 2023. The latest revision in 2024 has set the guideline value at Rs 1,700 per sq.ft.

Between these revisions, the changes were notable. From 2002 to 2003, the increase was +12%. The value surged by +909% from 2003 to 2007, followed by a +35% rise from 2007 to 2012. The value then decreased by -33% from 2012 to 2017. A significant increase of +49% occurred from 2017 to 2023, and the latest revision from 2023 to 2024 reflects a +13% increase. Overall, from 2002 to 2024, the guideline value has risen by +1635%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with 2024 guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Kolavili Amman Nagar 2nd Street's 2024 value below that median.

• Kolavili Amman Nagar 24th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 3rd Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 23rd Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 5th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 6th Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Kolavili Amman Nagar 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 1,700 per sq.ft, the guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, totaling Rs 1,53,000. It is important to 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.

Which Sub Registrar Office covers Kolavili Amman Nagar 2nd Street?

The Kolavili Amman Nagar 2nd Street falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Palavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately. Buyers and sellers must consider this value when negotiating sale prices to comply with legal requirements.

Additionally, the guideline value affects the calculation of stamp duty and registration fees, which are mandatory costs incurred during the property transaction process. Understanding the guideline value helps both parties in a transaction to be aware of their financial obligations and ensures a smooth registration process.

Frequently asked questions

What is the current guideline value of Kolavili Amman Nagar 2nd Street?

The current guideline value of Kolavili Amman Nagar 2nd Street is Rs 1,700 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 98 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of +1635% over the years.

What are the other streets in Palavakkam with the same guideline value?

Other streets in Palavakkam with the same guideline value of Rs 1,700 per sq.ft in 2024 include Kolavili Amman Nagar 24th Street, 3rd Street, 4th Street, 23rd Street, 5th Street, and 6th Street.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Kolavili Amman Nagar 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 at 7%.