Guideline Value for PERIYA KOVILAMBAKKAM

Periya Kovilambakkam guideline value

The current guideline value of Periya Kovilambakkam is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is part of Kovilambakkam village, under the Pallavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Periya Kovilambakkam has changed

The guideline value for Periya Kovilambakkam has undergone several revisions over the years. The earliest recorded figure is from 2007, set at Rs 350 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a 614% rise. However, the value then decreased to Rs 1,675 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 2,500 per sq.ft in 2023, and most recently, it has increased to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase from the previous year. Notably, there are no figures recorded for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 686%. The changes between the revisions highlight the fluctuations in property valuation over time, with the most significant increase occurring between 2017 and 2023, where the value surged by 49%.

Guideline values in Kovilambakkam

Kovilambakkam village has a range of guideline values across its 61 streets under the Pallavaram SRO, with the 2024 figures varying from Rs 1,320 to Rs 5,610 per sq.ft. The median guideline value for the village is Rs 2,750 per sq.ft, which is equal to the current value for Periya Kovilambakkam.

• Periya Kovilambakkam 1 to 6 Streets: Rs 2,750 per sq.ft (2024)
• Periyar Salai: Rs 2,750 per sq.ft (2024)
• Pillaiyar Koil 1 to 4 Streets: Rs 2,160 per sq.ft (2024)
• PMD Nagar: Rs 4,070 per sq.ft (2024)
• Palika Company Street: Rs 2,750 per sq.ft (2024)
• Palandiamman Koil Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Periya Kovilambakkam

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, charged at 7%, would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for stamp duty and registration would be 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 Periya Kovilambakkam?

The Sub Registrar Office that covers Periya Kovilambakkam is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kovilambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that the government receives the appropriate revenue from the transaction.

Frequently asked questions

What is the current guideline value of Periya Kovilambakkam?

The current guideline value of Periya Kovilambakkam 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 350 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 686% over the years.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Periya Kovilambakkam is charged at 7% of the guideline value or sale price, whichever is higher.

Which office handles registrations for Periya Kovilambakkam?

The Pallavaram Sub Registrar Office handles registrations for Periya Kovilambakkam, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

Are there other streets with the same guideline value in Kovilambakkam?

Yes, several other streets in Kovilambakkam have the same guideline value of Rs 2,750 per sq.ft, including Periya Kovilambakkam 1 to 6 Streets, Periyar Salai, Palika Company Street, and Palandiamman Koil Street.