Guideline Value for PERUMAL KOVIL STREET 1ST LANE

Perumal Kovil Street 1st Lane guideline value

The current guideline value of Perumal Kovil Street 1st Lane is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Manapakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - III.

How the guideline value of Perumal Kovil Street 1st Lane has changed

The guideline value for Perumal Kovil Street 1st Lane has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 1,500 per sq.ft. The most recent revision in 2024 saw another increase, with the guideline value now at Rs 1,650 per sq.ft, reflecting a 10% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Manapakkam

In Manapakkam, there are 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median guideline value in this area is Rs 2,530 per sq.ft, which means that the current value of Perumal Kovil Street 1st Lane is below this median.

• Perumal Kovil Street 2nd Lane: Rs 1,650 per sq.ft (2024)
• Perumal Kovil Street: Rs 1,650 per sq.ft (2024)
• Perumal Kovil 1st Street: Rs 1,650 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 2,200 per sq.ft (2024)
• Periyar Street: Rs 2,200 per sq.ft (2024)
• Pillaiyar Koil Street 1st Lane: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Perumal Kovil Street 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000, bringing the total fees together to Rs 1,48,500. It is important to note that the 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 Perumal Kovil Street 1st Lane?

The Sub Registrar Office that covers Perumal Kovil Street 1st Lane is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process of property transactions in Manapakkam. It serves as the basis for calculating stamp duty and registration fees, ensuring that these fees are aligned with the current market conditions as reflected in the guideline value.

When buying or selling property, the guideline value helps to establish a fair transaction price, as it is used to determine the minimum value at which the property can be registered. This ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Perumal Kovil Street 1st Lane?

The current guideline value of Perumal Kovil Street 1st Lane is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Perumal Kovil Street 1st Lane?

The land classification for Perumal Kovil Street 1st Lane is Residential Class IV Type - III.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Perumal Kovil Street 1st Lane is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.