Guideline Value for Kotturpuram Slum Clearance Board

Kotturpuram Slum Clearance Board guideline value

The current guideline value for the Kotturpuram Slum Clearance Board is Rs 5,500 per sq.ft, effective from 1 July 2024. This area falls under Adayar village and is classified as Residential Class IV Type - I. The relevant Sub Registrar Office (SRO) for this location is Adayar SRO.

How the guideline value of Kotturpuram Slum Clearance Board has changed

The guideline value for Kotturpuram Slum Clearance Board has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 2,200 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in the 2012 revision. However, the value saw a decrease of 33% from 2012 to 2017, dropping to Rs 3,350 per sq.ft. The 2023 revision raised it to Rs 5,000 per sq.ft, followed by a further increase of 10% to the current rate of Rs 5,500 per sq.ft from the 2024 revision.

Overall, from 2007 to 2024, the guideline value has increased by 150%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Adayar

Adayar village has 92 streets under the Adayar SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median guideline value in this area is Rs 6,100 per sq.ft, making the Kotturpuram Slum Clearance Board's 2024 figure below that median.

• Kottur Garden Loop Street: Rs 9,400 per sq.ft (2024)
• Kottur Garden 5th Main Road: Rs 9,400 per sq.ft (2024)
• Kottur Garden 4th Main Road: Rs 9,400 per sq.ft (2024)
• Kottur Garden 3rd Main Road: Rs 9,400 per sq.ft (2024)
• Kottur Garden 3rd Loop Street: Rs 9,400 per sq.ft (2024)
• Kottur Garden 2nd Main Road: Rs 9,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kotturpuram Slum Clearance Board

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total charges Rs 4,95,000. 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 further assistance.

Which Sub Registrar Office covers Kotturpuram Slum Clearance Board?

The Kotturpuram Slum Clearance Board is covered by the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

When buying or selling property in Adayar, the guideline value is a crucial factor during the registration process. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

Buyers and sellers should be aware that the guideline value may influence the overall transaction value, as the duty is charged on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Kotturpuram Slum Clearance Board?

The current guideline value for Kotturpuram Slum Clearance Board is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 150% over the years.

What are the stamp duty and registration fees for property in Kotturpuram?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000, and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles property registrations in Kotturpuram?

The Adayar Sub Registrar Office is responsible for property registrations in Kotturpuram Slum Clearance Board, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions, ensuring that the correct revenue is collected by the government based on the property's valuation.