Guideline Value for Kovalan Street

Kovalan Street guideline value

The current guideline value of Kovalan Street in Zaminpallavaram village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Kovalan Street has changed

The guideline value for Kovalan Street has seen several revisions over the years. In 2003, the guideline value was Rs 168 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2007, marking a rise of 257%. Following this, the value surged to Rs 2,500 per sq.ft in 2012, which represented a substantial increase of 317%. However, the value decreased to Rs 1,675 per sq.ft in 2017, showing a decline of 33%. The next revision in 2023 saw the value rise again to Rs 2,500 per sq.ft, followed by a further increase to Rs 2,750 per sq.ft in 2024, a change of 10%.

Overall, from 2003 to 2024, the guideline value has increased by 1,537%. It is important to note that the register has no figure for Kovalan Street in 2002.

Guideline values in Zaminpallavaram

Zaminpallavaram village has a total of 638 streets under the Pallavaram SRO with a 2024 guideline value 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 Street's 2024 value below this median.

• Kovalan 2nd Street: Rs 2,160 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total fees together to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Kovalan Street?

The Sub Registrar Office that covers 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 information.

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

The guideline value is a crucial factor during property transactions in Zaminpallavaram. It determines the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, both parties must consider the guideline value to avoid any discrepancies during registration. The value helps in assessing the fair price of the property, facilitating smoother transactions.

Frequently asked questions

What is the current guideline value of Kovalan Street?

The current guideline value of Kovalan Street is Rs 2,750 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 168 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1,537% over the years.

What is the land classification for Kovalan Street?

Kovalan Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

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

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for Kovalan Street located?

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