Guideline Value for KOLAVILI AMMAN NAGAR EXTENSION

Kolavili Amman Nagar Extension guideline value

The current guideline value for Kolavili Amman Nagar Extension is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is located in Palavakkam village and falls under the Neelankarai SRO, classified as Residential Class IV Type - II.

How the guideline value of Kolavili Amman Nagar Extension has changed

The guideline value of Kolavili Amman Nagar Extension has seen several revisions over the years. Starting from Rs 98 per sq.ft in 2002, it increased to Rs 110 per sq.ft in 2003, marking a 12% rise. The value then surged dramatically to Rs 1,110 per sq.ft in 2007, representing a significant 909% increase. In 2012, the value adjusted to Rs 1,500 per sq.ft, reflecting a decrease of 33% from the previous revision. The value remained at Rs 1,500 per sq.ft in 2023, before rising to Rs 1,700 per sq.ft in 2024, which is a 13% increase.

From 2017, when the value was Rs 1,005 per sq.ft, to 2023, there was a notable increase of 49%. Overall, from 2002 to 2024, the guideline value has increased by 1,635%.

Guideline values in Palavakkam

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

• Kolavili Amman Nagar 9th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 8th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 7th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 6th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 5th Street: Rs 1,700 per sq.ft (2024)
• Kolavili Amman Nagar 4th Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Kolavili Amman Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total fees together to Rs 1,53,000. 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.

Which Sub Registrar Office covers Kolavili Amman Nagar Extension?

The Kolavili Amman Nagar Extension 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 is a crucial factor during the registration of property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value for taxation purposes.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value for Kolavili Amman Nagar Extension?

The current guideline value for Kolavili Amman Nagar Extension 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, marking an overall increase of 1,635% over this period.

What is the registration office for Kolavili Amman Nagar Extension?

The registration office for Kolavili Amman Nagar Extension is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai.

How is the stamp duty calculated for properties in this area?

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

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

Other streets in Palavakkam with the same guideline value of Rs 1,700 per sq.ft include Kolavili Amman Nagar 9th Street, 8th Street, 7th Street, 6th Street, 5th Street, and 4th Street.