Guideline Value for Periya Kovilambakkam 1 to 6 Streets

Periya Kovilambakkam 1 to 6 Streets guideline value

The current guideline value for Periya Kovilambakkam 1 to 6 Streets is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Kovilambakkam village under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Periya Kovilambakkam 1 to 6 Streets has changed

The guideline value for Periya Kovilambakkam 1 to 6 Streets has seen several revisions over the years. The earliest recorded revision shows a value of Rs 500 per sq.ft in 2007. This increased significantly to Rs 2,500 per sq.ft in 2012, representing a 400% rise. However, it dropped to Rs 1,675 per sq.ft in 2017, marking a decrease of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023 and further increased to the current rate of Rs 2,750 per sq.ft in 2024, reflecting a 10% change from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 450%.

Guideline values in Kovilambakkam

Kovilambakkam village comprises 61 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median value across these streets is Rs 2,750 per sq.ft, which is equal to the current guideline value for Periya Kovilambakkam 1 to 6 Streets.

• Periya Kovilambakkam: 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 1 to 6 Streets

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

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Periya Kovilambakkam 1 to 6 Streets?

The Sub Registrar Office that covers Periya Kovilambakkam 1 to 6 Streets 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 details.

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

The guideline value serves as a benchmark for property transactions in Kovilambakkam. When buying or selling property, this value is used to determine the applicable stamp duty and registration fees, ensuring that both parties adhere to the legal requirements set by the government.

During the registration process, the guideline value is referenced to ascertain the official value of the property. This helps in maintaining transparency and accountability in property transactions within the region.

Frequently asked questions

What is the current guideline value for Periya Kovilambakkam 1 to 6 Streets?

The current guideline value for Periya Kovilambakkam 1 to 6 Streets 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 from Rs 500 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 450% over the years.

What are the stamp duty and registration fees for property in this area?

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.

Which office handles property registrations in Kovilambakkam?

The Pallavaram Sub Registrar Office handles property registrations in Kovilambakkam, located at 7th Main Road, New Colony, Chromepet, Chennai.

What is the land classification for Periya Kovilambakkam 1 to 6 Streets?

The land classification for Periya Kovilambakkam 1 to 6 Streets is Residential Class I Type - I.