Guideline Value for KOUSALYA NAGAR 1ST STREET

Kousalya Nagar 1st Street guideline value

The current guideline value of Kousalya Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Kousalya Nagar 1st Street has changed

Over the years, the guideline value for Kousalya Nagar 1st Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and finally rose to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2012 revision to the current 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO, with a guideline value range from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which matches the current value of Kousalya Nagar 1st Street.

• Kousalya Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Kousalya Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Krishnaveni Ammal Road: Rs 2,200 per sq.ft (2024)
• Krishnaveni Avenue: Rs 2,200 per sq.ft (2024)
• Kulakkarai Cross Street: Rs 1,870 per sq.ft (2024)
• Kulakkarai Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Kousalya Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kousalya Nagar 1st Street?

The Kousalya Nagar 1st Street falls under the jurisdiction of the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps establish the sale price and the applicable duties. Buyers should be aware that the stamp duty and registration fees are calculated based on the higher value between the guideline value and the actual sale price.

Frequently asked questions

What is the current guideline value of Kousalya Nagar 1st Street?

The current guideline value of Kousalya Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the range of guideline values in Medavakkam?

The guideline values in Medavakkam range from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft.

What are the stamp duty and registration fees for properties in Kousalya Nagar 1st Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles the registration for Kousalya Nagar 1st Street?

The registration for Kousalya Nagar 1st Street is handled by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.