Guideline Value for Kovingu Muthu Gramani Street

Kovingu Muthu Gramani Street guideline value

The current guideline value of Kovingu Muthu Gramani Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet Sub Registrar Office (SRO) and is classified as Residential Class II Type - I.

How the guideline value of Kovingu Muthu Gramani Street has changed

The guideline value for Kovingu Muthu Gramani Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,200 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012, marking a 358% rise. However, between 2012 and 2017, the value decreased to Rs 3,685 per sq.ft, reflecting a 33% drop. The value then rose to Rs 5,500 per sq.ft in 2023, a 49% increase from the previous revision.

As of the 2024 revision, the guideline value has increased again to Rs 6,000 per sq.ft, which represents a 9% increase from the 2023 figure. The overall change from the 2007 revision to the 2024 revision is a substantial 400% increase. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value is Rs 4,800 per sq.ft, placing Kovingu Muthu Gramani Street's 2024 figure above that median.

• Kovalam MuthuStreet: 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 Kovingu Muthu Gramani Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to 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. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kovingu Muthu Gramani Street?

The Sub Registrar Office that covers Kovingu Muthu Gramani Street 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

The guideline value is a critical factor when registering property transactions in Vepery. It serves as a benchmark for determining the stamp duty and registration fees that must be paid at the time of registration.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Kovingu Muthu Gramani Street?

The current guideline value of Kovingu Muthu Gramani Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,200 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 400% over the years.

What is the registration office for Kovingu Muthu Gramani Street?

The registration office for Kovingu Muthu Gramani Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for properties in Vepery?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. The current rate is 7% for stamp duty and 2% for the registration fee.

What are the guideline values for other streets in Vepery?

Other streets in Vepery have varying guideline values, with rates ranging from Rs 2,700 to Rs 7,700 per sq.ft as of 2024. Kovingu Muthu Gramani Street's value of Rs 6,000 per sq.ft is above the median value of Rs 4,800 per sq.ft in the village.