Guideline Value for Kovalam MuthuStreet

Kovalam MuthuStreet guideline value

The current guideline value of Kovalam MuthuStreet is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO, classified as Residential Class II Type - I.

How the guideline value of Kovalam MuthuStreet has changed

The guideline value for Kovalam MuthuStreet has seen several revisions over the years. Starting from Rs 1,000 per sq.ft in 2007, it rose significantly to Rs 5,500 per sq.ft in 2012. However, it then decreased to Rs 3,685 per sq.ft in 2017. The value increased to Rs 5,500 per sq.ft in 2023 and is now Rs 6,000 per sq.ft in 2024, marking a 9% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 500%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. Kovalam MuthuStreet's 2024 figure is above this median.

• Kovingu Muthu Gramani Street: Rs 6,000 per sq.ft (2024)
• Krishnapillai Street: Rs 2,700 per sq.ft (2024)
• KesavaPillai Park(T.S.C.Board): Rs 2,700 per sq.ft (2024)
• Kumarappa Street: Rs 7,700 per sq.ft (2024)
• Kumarasamy RaJa 2nd Street: Rs 2,700 per sq.ft (2024)
• Kumarasamy RaJa 3rd Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Kovalam MuthuStreet

For a 1,000 sq.ft plot at the current rate of Rs 6,000 per sq.ft, the guideline value is Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, totaling Rs 5,40,000. 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 precise calculations.

Which Sub Registrar Office covers Kovalam MuthuStreet?

The Sub Registrar Office that covers Kovalam MuthuStreet is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

When buying or selling property in Vepery, the guideline value plays a crucial role in determining the stamp duty and registration fees. It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with registration requirements.

The guideline value is used as a benchmark for calculating various fees associated with property transactions. It helps in standardizing property valuations and ensuring transparency in real estate dealings.

Frequently asked questions

What is the current guideline value of Kovalam MuthuStreet?

The current guideline value of Kovalam MuthuStreet is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, with various revisions in between, including a decrease and subsequent increases.

What is the stamp duty for property in Kovalam MuthuStreet?

The stamp duty for property in Kovalam MuthuStreet is calculated at 7% of the guideline value. For a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000.

Where is the Sub Registrar Office for Kovalam MuthuStreet located?

The Sub Registrar Office covering Kovalam MuthuStreet is located at 1103, Poonamallee High Road, Chennai-600 003.

What is the land classification of Kovalam MuthuStreet?

Kovalam MuthuStreet is classified as Residential Class II Type - I, indicating its designation for residential use.