Guideline Value for Kothaval Street

Kothaval Street guideline value

The current guideline value of Kothaval Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village under the Chennai South Joint II SRO, classified as Residential Class II Type - I.

How the guideline value of Kothaval Street has changed

The guideline value for Kothaval Street has seen significant changes over the years. In 2002, the value was Rs 368 per sq.ft, which increased to Rs 460 per sq.ft in 2003, marking a 25% rise. By 2007, the value jumped to Rs 800 per sq.ft, reflecting a 74% increase. The value further escalated to Rs 3,500 per sq.ft in 2012, which was a substantial 338% increase from the previous revision. However, in 2017, the value decreased to Rs 2,345 per sq.ft, showing a decline of 33%.

From 2017 to 2023, the guideline value rose significantly by 49% to reach Rs 3,500 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, representing a 10% increase from the previous year. There are no figures available for other years in the register for this street.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a guideline value for 2024, ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value is Rs 3,850 per sq.ft, which is equal to the guideline value of Kothaval Street.

• Kothandaramar Swamy Koil Street: Rs 3,300 per sq.ft (2024)
• Kolikkara Street: Rs 3,850 per sq.ft (2024)
• Kodandaramar Street: Rs 3,300 per sq.ft (2024)
• Kesava Perumal Koil Street: Rs 3,300 per sq.ft (2024)
• Kasi Vishwanathar Street: Rs 3,300 per sq.ft (2024)
• Labbai Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kothaval Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that the 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 Kothaval Street?

The Sub Registrar Office that covers Kothaval Street is 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 additional information.

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

The guideline value plays a crucial role during property registration in Parangimalai. It serves as a benchmark for determining the minimum value of a property, ensuring that the property is registered at a value that reflects its worth in the market. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, and it is essential for both buyers and sellers to be aware of these values to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Kothaval Street?

The current guideline value of Kothaval Street is Rs 3,850 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 368 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Kothaval Street?

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

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

The Sub Registrar Office for Kothaval 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 Kothaval Street?

The 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 38,50,000 would incur a stamp duty of Rs 2,69,500 at 7%.