Guideline Value for Kothari Nagar New Street

Kothari Nagar New Street guideline value

The current guideline value of Kothari Nagar New Street is Rs 4,400 per sq.ft. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Kothari Nagar New Street has changed

The guideline value for Kothari Nagar New Street has undergone several revisions over the years. The earliest recorded figure is from 2012, where the value was Rs 4,000 per sq.ft. This was followed by a decrease to Rs 2,680 per sq.ft in 2017. However, between 2017 and 2023, there was a significant increase to Rs 4,000 per sq.ft, and the latest revision in 2024 has set the value at Rs 4,400 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 10%. Overall, comparing the 2012 value to the current 2024 figure, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value is Rs 3,100 per sq.ft, which means Kothari Nagar New Street's 2024 figure is above this median.

• KOTHARI NAGAR Annex: Rs 4,400 per sq.ft (2024)
• Kothari Nagar 1 to 9 Street: Rs 4,400 per sq.ft (2024)
• Kothari Nagar & 1 To 5th Street: Rs 4,400 per sq.ft (2024)
• K.P.Nagar: Rs 3,550 per sq.ft (2024)
• K.P.Nagar 2nd Cross Street: Rs 3,100 per sq.ft (2024)
• K.P.Nagar 2nd Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Kothari Nagar New Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty, charged at 7%, would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. The total cost for these fees would be Rs 3,96,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kothari Nagar New Street?

Kothari Nagar New Street is covered by the Chennai South Joint II 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 Ramapuram

The guideline value is an essential factor when registering property in Ramapuram. It serves as a benchmark for determining the minimum value of a property transaction, ensuring that properties are not sold below a certain value.

When a property is bought or sold, the guideline value is used to calculate stamp duty and registration fees. This ensures that the government collects the appropriate taxes based on the property's value as per the guideline register.

Frequently asked questions

What is the current guideline value of Kothari Nagar New Street?

The current guideline value of Kothari Nagar New Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then back to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification for Kothari Nagar New Street?

Kothari Nagar New Street is classified as Residential Special Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Kothari Nagar New Street?

The Chennai South Joint II Sub Registrar Office 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 properties in Kothari Nagar New 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 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.