Guideline Value for KOVALAN ST 1ST SUDUWARD

Kovalan St 1st Suduward guideline value

The current guideline value of Kovalan St 1st Suduward 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 St 1st Suduward has changed

The guideline value for Kovalan St 1st Suduward has seen several revisions over the years. In 2012, the value was Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in 2017. Following that, the value increased significantly to Rs 1,500 per sq.ft in 2023, and then to Rs 1,650 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the values 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 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 the same as the current value for Kovalan St 1st Suduward.

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

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 costs together Rs 1,48,500. It is important to 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 detailed calculations.

Which Sub Registrar Office covers Kovalan St 1st Suduward?

The Sub Registrar Office that covers Kovalan St 1st Suduward 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. 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 critical factor in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration. The registration office will use the guideline value to calculate the applicable fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Kovalan St 1st Suduward?

The current guideline value of Kovalan St 1st Suduward 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 increased 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 St 1st Suduward?

The land classification for Kovalan St 1st Suduward is Residential Class IV Type - I.

Where is the Sub Registrar Office located?

The Sub Registrar Office for Kovalan St 1st Suduward is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for property transactions?

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