Guideline Value for KOVALAN CROSS STREET

Kovalan Cross Street guideline value

The current guideline value of Kovalan Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Kovalan Cross Street has changed

The guideline value for Kovalan Cross Street has seen several revisions over the years. The earliest recorded figure is from 2012, when it was Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in 2017. The value then increased significantly to Rs 1,500 per sq.ft in 2023, and most recently, it has risen to Rs 1,650 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. However, the 2012 to 2017 period saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current guideline value of Kovalan Cross Street.

• Kovalan 4th Cross Street: Rs 1,650 per sq.ft (2024)
• Kovalan St 1st Suduward: Rs 1,650 per sq.ft (2024)
• KOVALAN 3rd CROSS STREET: Rs 1,650 per sq.ft (2024)
• Kovalan 1st Cross Street: Rs 1,650 per sq.ft (2024)
• Kovalan Street: Rs 1,650 per sq.ft (2024)
• Krishna Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Kovalan Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total charges Rs 1,48,500. It is important to note that the 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 Kovalan Cross Street?

Kovalan Cross 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 Pallikaranai

The guideline value is a crucial factor in the registration process for property transactions in Pallikaranai. It helps determine the stamp duty and registration fees that need to be paid when a property is bought or sold. This ensures that the government receives the appropriate revenue from property transactions.

When a buyer or seller approaches the Sub Registrar Office for registration, the guideline value is assessed to calculate the applicable fees. This value serves as a benchmark for property transactions and is essential for legal documentation during the buying or selling process.

Frequently asked questions

What is the current guideline value of Kovalan Cross Street?

The current guideline value of Kovalan Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Kovalan Cross Street?

Kovalan Cross Street is classified as Residential Class IV Type - I.

Where can I find the registration office for Kovalan Cross Street?

The registration office for Kovalan Cross Street is 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.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.