Guideline Value for KOVALAN STREET

Kovalan Street guideline value

The current guideline value of Kovalan Street in Jelandianpettai village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Kovalan Street has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure saw a decrease to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, representing a 49% rise. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for Kovalan Street in the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Jelandianpettai

In Jelandianpettai, there are 248 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the current guideline value for Kovalan Street.

• Krishna Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Krishnan Street: Rs 2,750 per sq.ft (2024)
• Krishna Street: Rs 2,750 per sq.ft (2024)
• Kumaraguruparar Street: Rs 2,200 per sq.ft (2024)
• Kazhaikoothu Nagar: Rs 2,200 per sq.ft (2024)
• Kayithamillath 1st Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kovalan Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kovalan Street?

The Sub Registrar Office that covers Kovalan 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. You can find your SRO for more information.

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

The guideline value is a crucial factor in determining the stamp duty and registration fees when buying or selling property in Jelandianpettai. It serves as a benchmark for the minimum value at which properties can be registered, ensuring that the government collects the appropriate taxes.

When a property transaction occurs, the guideline value helps in assessing the financial obligations of both the buyer and the seller. It is essential for buyers to be aware of the current guideline value to understand their financial commitments during the registration process.

Frequently asked questions

What is the current guideline value of Kovalan Street?

The current guideline value of Kovalan 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 increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Kovalan Street?

Kovalan Street is classified as Residential Class II Type - I under the Chennai South Joint I SRO.

Where can I find the Sub Registrar Office for Kovalan Street?

The Sub Registrar Office for Kovalan Street is 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 properties in Kovalan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 at a rate of 7%.