Guideline Value for KOLAVILI AMMAN NAGAR 7TH STREET

Kolavili Amman Nagar 7th Street guideline value

The current guideline value for Kolavili Amman Nagar 7th 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 7th Street has changed

The guideline value for Kolavili Amman Nagar 7th Street has seen several revisions over the years. In 2002, the guideline value was Rs 98 per sq.ft, which increased to Rs 110 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,110 per sq.ft in 2007, and by 2012, it reached Rs 1,500 per sq.ft. However, this figure dropped to Rs 1,005 per sq.ft in 2017. The value then increased to Rs 1,500 per sq.ft in 2023 before reaching the current value of Rs 1,700 per sq.ft in 2024.

In terms of percentage changes, from 2002 to 2024, the overall increase is 1,635%. Notably, the transition from 2017 to 2023 saw a rise of 49%, while the change from 2023 to 2024 is an increase of 13%. The guideline value has fluctuated over the years, reflecting the revisions made.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. Kolavili Amman Nagar 7th Street's 2024 guideline value is below this median.

• Kolavili Amman Nagar 6th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 8th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 5th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 9th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar Extension: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Kolavili Amman Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total 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, bringing the total to 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.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kolavili Amman Nagar 7th Street?

The Sub Registrar Office that covers Kolavili Amman Nagar 7th Street is 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 is an essential reference for property transactions in Palavakkam. It serves as the basis for calculating stamp duty and registration fees during the registration process. Buyers and sellers must be aware of this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to determine the applicable fees, which are calculated based on the higher of the guideline value or the sale price. This ensures that the registration process is transparent and standardized across the region.

Frequently asked questions

What is the current guideline value for Kolavili Amman Nagar 7th Street?

The current guideline value for Kolavili Amman Nagar 7th 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 from Rs 98 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 1,635% over the years.

What are the stamp duty and registration fees for a property in this area?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,19,000 and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which office handles registrations for Kolavili Amman Nagar 7th Street?

The Neelankarai Sub Registrar Office handles registrations for Kolavili Amman Nagar 7th Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

What is the land classification for Kolavili Amman Nagar 7th Street?

Kolavili Amman Nagar 7th Street is classified as Residential Class IV Type - II, which is relevant for determining its guideline value and usage.