Guideline Value for Kovalan 2nd Street

Kovalan 2nd Street guideline value

The current guideline value of Kovalan 2nd Street in Zaminpallavaram village is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Kovalan 2nd Street has changed

The guideline value for Kovalan 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2003, where it was Rs 231 per sq.ft. It increased significantly to Rs 600 per sq.ft in 2007, then saw a substantial rise to Rs 2,000 per sq.ft in 2012. However, it dropped to Rs 1,340 per sq.ft in 2017 before rising again to Rs 2,000 per sq.ft in 2023. The most recent revision in 2024 has set the value at Rs 2,160 per sq.ft, marking an 8% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. The 2012 to 2017 period saw a decrease of 33%, while the 2007 to 2012 period experienced a remarkable increase of 233%. Furthermore, from 2003 to 2007, the value rose by 160%. Overall, from 2003 to 2024, the guideline value has increased by 835%. The register does not have a figure for the year 2002 for this street.

Guideline values in Zaminpallavaram

Zaminpallavaram village has a total of 638 streets under the Pallavaram SRO, with guideline 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 Kovalan 2nd Street's 2024 figure below this median.

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

Stamp duty and registration fee for property in Kovalan 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total to Rs 1,94,400. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kovalan 2nd Street?

The Sub Registrar Office that covers Kovalan 2nd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 serves as a benchmark for property transactions in Zaminpallavaram. It is used to determine the stamp duty and registration fees payable during the buying or selling process. When registering a property, the guideline value or the sale price, whichever is higher, will be used to calculate these fees.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with local regulations and understand the financial implications of their property transactions. This value is periodically revised by the authorities to reflect changes in the real estate market.

Frequently asked questions

What is the current guideline value of Kovalan 2nd Street?

The current guideline value of Kovalan 2nd Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 231 per sq.ft in 2003 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of 835% over the years.

What are the other streets in Zaminpallavaram?

Other streets in Zaminpallavaram include Kovalan Street, Kottabomman Street, Kottabomman Cross Street, Kothandam Nagar 1 To 5 Streets, Krishnamachari Street, and Kollanchavadi, each with their respective guideline values.

Where can I find the Sub Registrar Office for Kovalan 2nd Street?

The Sub Registrar Office for Kovalan 2nd Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Kovalan 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 21,60,000, the stamp duty would be Rs 1,51,200 at a rate of 7%.