Guideline Value for KOUSALYA NAGAR 2ND STREET

Kousalya Nagar 2nd Street guideline value

The current guideline value of Kousalya Nagar 2nd 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 2nd Street has changed

The guideline value for Kousalya Nagar 2nd Street has seen several revisions over the years. 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 2023 revision increased the value to Rs 2,000 per sq.ft, and the current 2024 revision has further raised it to Rs 2,200 per sq.ft. The register has no figure for this street in 2002, 2003, and 2007.

From 2017 to 2023, the guideline value increased by 49%, while the change from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is equal to the current value of Kousalya Nagar 2nd Street.

• Kousalya Nagar 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty, charged at 7%, amounts to Rs 1,54,000, while the registration fee at 2% is Rs 44,000. Together, the total fees would be Rs 1,98,000. Duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kousalya Nagar 2nd Street?

The Kousalya Nagar 2nd Street is covered 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. 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 in the registration process of property transactions in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that buyers must pay when purchasing property.

When a property is sold, the registration office uses the guideline value to calculate the applicable fees, ensuring that the transaction is recorded accurately. Buyers should be aware that the duty is charged based on the higher of the guideline value or the sale price.

Frequently asked questions

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

The current guideline value of Kousalya Nagar 2nd 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 median guideline value in Medavakkam?

The median guideline value in Medavakkam is Rs 2,200 per sq.ft, which is the same as the current guideline value for Kousalya Nagar 2nd Street.

What are the stamp duty and registration fees for property in Kousalya Nagar 2nd Street?

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

Which office handles property registrations in Kousalya Nagar 2nd Street?

The Chennai South Joint I Sub Registrar Office handles property registrations for Kousalya Nagar 2nd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.