Guideline Value for Kovalan Street (Pari Nagar)

Kovalan Street (Pari Nagar) guideline value

The current guideline value of Kovalan Street (Pari Nagar) is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class III Type - III.

How the guideline value of Kovalan Street (Pari Nagar) has changed

The guideline value for Kovalan Street (Pari Nagar) has seen significant changes over the years. In 2007, the guideline value was Rs 1,210 per sq.ft, which increased to Rs 4,000 per sq.ft in the 2012 revision, marking a substantial increase of 231%. The most recent revision in 2024 saw the value rise to Rs 4,400 per sq.ft, representing a 10% increase from the 2012 figure. The register has no figure for the years 2003, 2002, 2017, and 2023.

Overall, from 2007 to 2024, the guideline value has increased by 264%. This reflects the changes in property values over the years, highlighting the growth in the area.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, placing Kovalan Street (Pari Nagar) below this median.

• Kothandaramasamy Koil South Street: Rs 3,300 per sq.ft (2024)
• Kothanda Ramapillai Thottam: Rs 3,300 per sq.ft (2024)
• Kothandam Street Block 85: Rs 3,300 per sq.ft (2024)
• Krishna Murthy Street: Rs 3,300 per sq.ft (2024)
• Krishnan 2nd Street: Rs 2,700 per sq.ft (2024)
• Krishna Nagar 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Kovalan Street (Pari Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, these fees would total 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 further calculations.

Which Sub Registrar Office covers Kovalan Street (Pari Nagar)?

Kovalan Street (Pari Nagar) is covered by the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate taxes are collected. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Kovalan Street (Pari Nagar)?

The current guideline value of Kovalan Street (Pari Nagar) 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 increased from Rs 1,210 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024. This represents a total increase of 264% over the years.

What is the land classification for Kovalan Street (Pari Nagar)?

Kovalan Street (Pari Nagar) is classified as Residential Class III Type - III. This classification affects the guideline value and other regulations in the area.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Ashok Nagar Sub Registrar Office located?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. This office handles registrations for properties in the area.