Guideline Value for Kovalan Street

Kovalan Street guideline value

The current guideline value of Kovalan Street, located in Nanmangalam village under the Pallavaram SRO, is Rs 1,960 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Kovalan Street has changed

The guideline value for Kovalan Street has seen significant changes over the years. In 2002, the value was Rs 55 per sq.ft, which increased to Rs 77 per sq.ft in 2003. The value continued to rise dramatically, reaching Rs 300 per sq.ft in 2007, and then saw a substantial jump to Rs 1,800 per sq.ft in 2012. However, it decreased to Rs 1,206 per sq.ft in 2017 before climbing to Rs 1,800 per sq.ft again in 2023. The most recent revision in 2024 set the guideline value at Rs 1,960 per sq.ft.

From 2017 to 2023, the value increased by 49%, and from 2023 to 2024, it rose by 9%. Notably, the overall increase from 2002 to 2024 is a remarkable 3,464%. There are no figures available for the revisions in years not listed in the register for this street.

Guideline values in Nanmangalam

Nanmangalam village has 139 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,960 to Rs 3,850 per sq.ft as of 2024. The median value for these streets is Rs 2,750 per sq.ft, placing Kovalan Street's 2024 figure below this median.

• Kowsalya Nagar: Rs 1,980 per sq.ft (2024)
• Krishna Nagar: Rs 2,750 per sq.ft (2024)
• Kiyyur Nisha Avenue: Rs 2,750 per sq.ft (2024)
• K.B.Nagar: Rs 3,300 per sq.ft (2024)
• Kayathri Nagar: Rs 1,980 per sq.ft (2024)
• Kavingar Kannadasan Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kovalan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,960 per sq.ft, the total guideline value amounts to Rs 19,60,000. The stamp duty at 7% would be Rs 1,37,200, and the registration fee at 2% would be Rs 39,200, bringing the total to Rs 1,76,400. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kovalan Street?

The Sub Registrar Office covering Kovalan 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 details.

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

The guideline value plays a crucial role in property transactions in Nanmangalam. It is used to determine the stamp duty and registration fees that need to be paid when a property is sold or purchased. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When a property is registered, the guideline value is compared against the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Kovalan Street?

The current guideline value of Kovalan Street is Rs 1,960 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 55 per sq.ft in 2002 to Rs 1,960 per sq.ft in 2024, marking an overall increase of 3,464% over the years.

What are the other streets in Nanmangalam with their guideline values?

Other streets in Nanmangalam include Kowsalya Nagar at Rs 1,980 per sq.ft, Krishna Nagar and Kiyyur Nisha Avenue at Rs 2,750 per sq.ft, K.B.Nagar at Rs 3,300 per sq.ft, and Kayathri Nagar at Rs 1,980 per sq.ft.

What is the stamp duty for properties on Kovalan Street?

The stamp duty for properties on Kovalan Street is calculated at 7% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the stamp duty would amount to Rs 1,37,200.

Where is the Sub Registrar Office for Kovalan Street located?

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