Guideline Value for Kowsalya Nagar Phase-I

Kowsalya Nagar Phase-I guideline value

The current guideline value for Kowsalya Nagar Phase-I is Rs 400 per sq.ft, effective from 1 July 2024. This area is located in Erivakkam village under the Gooduvancheri SRO and is classified as Residential Special Type - II.

How the guideline value of Kowsalya Nagar Phase-I has changed

Over the years, the guideline value for Kowsalya Nagar Phase-I has seen several revisions. The earliest recorded revision was in 2007, where the guideline value was Rs 100 per sq.ft. This figure increased to Rs 400 per sq.ft in 2012, marking a significant rise of 300%. However, in 2017, the value decreased to Rs 268 per sq.ft, a drop of 33%. The guideline value then increased to Rs 400 per sq.ft in both 2023 and 2024, reflecting no change from the previous year.

Notably, there are no figures available for the revisions in 2002 and 2003 for this street. The overall change from the 2007 revision to the 2024 revision shows an increase of 300% in the guideline value.

Guideline values in Erivakkam

In Erivakkam, there are 19 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 2,000 per sq.ft, with a median value of Rs 400 per sq.ft. Kowsalya Nagar Phase-I's 2024 guideline value matches this median.

• Kowsalya Nagar: Rs 400 per sq.ft (2024)
• Kousalya Nagar Phase III: Rs 700 per sq.ft (2024)
• Krishna Nagar: Rs 400 per sq.ft (2024)
• K.K.R Nagar Annex-II: Rs 300 per sq.ft (2024)
• K.K.R. Nagar: Rs 400 per sq.ft (2024)
• Keerthana Nagar: Rs 300 per sq.ft (2024)

Stamp duty and registration fee for property in Kowsalya Nagar Phase-I

For a 1,000 sq.ft plot at the current rate of Rs 400 per sq.ft, the guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, bringing the total to Rs 36,000. It is important to note that 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 information.

Which Sub Registrar Office covers Kowsalya Nagar Phase-I?

The Kowsalya Nagar Phase-I area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for further assistance.

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

When buying or selling property in Erivakkam, the guideline value serves as a benchmark for determining the registration fees. The guideline value is essential for calculating the stamp duty, which is a mandatory fee paid to the government during the registration process.

It is crucial for buyers and sellers to be aware of the current guideline value as it impacts the overall cost of the transaction. Ensuring that the property is registered at the correct guideline value can help avoid legal complications in the future.

Frequently asked questions

What is the current guideline value for Kowsalya Nagar Phase-I?

The current guideline value for Kowsalya Nagar Phase-I is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 400 per sq.ft in 2012, then decreased to Rs 268 per sq.ft in 2017, and returned to Rs 400 per sq.ft in both 2023 and 2024.

What is the land classification for Kowsalya Nagar Phase-I?

Kowsalya Nagar Phase-I is classified as Residential Special Type - II.

Where can I find the Sub Registrar Office for Kowsalya Nagar Phase-I?

The Gooduvancheri Sub Registrar Office covers Kowsalya Nagar Phase-I, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is the stamp duty calculated for property in Kowsalya Nagar Phase-I?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 400 per sq.ft, the total guideline value is Rs 4,00,000, leading to a stamp duty of Rs 28,000 at 7%.