Guideline Value for Kollanchavadi

Kollanchavadi guideline value

The current guideline value of Kollanchavadi, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 2,750 per sq.ft. This value is effective from the 1st of July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of Kollanchavadi has changed

Over the years, the guideline value of Kollanchavadi has seen significant changes. Starting from the 2003 revision, where the value was Rs 146 per sq.ft, it increased to Rs 800 per sq.ft in 2007. The 2012 revision saw a rise to Rs 2,500 per sq.ft, but this was followed by a decrease to Rs 1,675 per sq.ft in 2017. The value then rose sharply to Rs 2,500 per sq.ft in 2023, culminating in the current figure of Rs 2,750 per sq.ft as of the 2024 revision. Notably, there is no figure for the year 2002 in the register for this street.

The changes between these revisions are noteworthy. From 2003 to 2007, the value increased by 448%. The 2012 to 2017 period saw a decline of 33%, while the subsequent rise from 2017 to 2023 was 49%. Lastly, the increase from 2023 to 2024 is 10%. Overall, from 2003 to 2024, the guideline value has increased by 1784%.

Guideline values in Zaminpallavaram

Zaminpallavaram has a range of guideline values across its 638 streets under the Pallavaram SRO, with values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Kollanchavadi's 2024 figure below this median.

• Kolappan Street: Rs 3,300 per sq.ft (2024)
• Kothandam Nagar 1 To 5 Streets: Rs 3,520 per sq.ft (2024)
• Kottabomman Cross Street: Rs 2,160 per sq.ft (2024)
• Kottabomman Street: Rs 3,520 per sq.ft (2024)
• Kovalan 2nd Street: Rs 2,160 per sq.ft (2024)
• Kovalan Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kollanchavadi

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. 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 Kollanchavadi?

Kollanchavadi falls under the jurisdiction of the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions within Zaminpallavaram. It is used to determine the minimum value at which a property can be registered. When buying or selling property, the guideline value must be considered for calculating the applicable stamp duty and registration fees.

During registration, the buyer is required to pay stamp duty based on the higher of the guideline value or the actual sale price of the property. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Kollanchavadi?

The current guideline value of Kollanchavadi is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 146 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 1784% over this period.

What is the land classification for Kollanchavadi?

Kollanchavadi is classified as Residential Class II Type - I, which is relevant for determining the guideline value and applicable regulations.

Where can I find the Sub Registrar Office for Kollanchavadi?

The Sub Registrar Office covering Kollanchavadi is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Kollanchavadi?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at a rate of 7%.