Guideline Value for RIVERVIEW COLONY KOTHAVARI STREET

Riverview Colony Kothavari Street guideline value

The current guideline value of Riverview Colony Kothavari Street is Rs 3,300 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 I Type - I.

How the guideline value of Riverview Colony Kothavari Street has changed

The guideline value for Riverview Colony Kothavari Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 3,000 per sq.ft in the 2023 revision, followed by a further increase to Rs 3,300 per sq.ft in the 2024 revision.

Between the revisions, the changes were notable. From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value surged by 49%. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, comparing the values from 2012 to 2024, there has been a net increase of 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, making the 2024 figure for Riverview Colony Kothavari Street above that median.

• Riverview Colony Ganga Street: Rs 3,300 per sq.ft (2024)
• Riverview Colony Krishna Street: Rs 3,300 per sq.ft (2024)
• Riverview Colony Deesta Street: Rs 3,300 per sq.ft (2024)
• Riverview Colony Link Road: Rs 3,300 per sq.ft (2024)
• Riverview Colony 4th Main Road: Rs 3,300 per sq.ft (2024)
• Riverview Colony Narmatha Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Riverview Colony Kothavari Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, resulting in a total of Rs 2,97,000. 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 to estimate the fees for your property transaction.

Which Sub Registrar Office covers Riverview Colony Kothavari Street?

The Sub Registrar Office that covers Riverview Colony Kothavari Street 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 information.

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

The guideline value is an essential factor when buying or selling property in Manapakkam, as it determines the minimum value at which a property can be registered. This value is used by the registration office to calculate the applicable stamp duty and registration fees, ensuring that the transaction is legally compliant.

When you proceed with a property transaction, it is crucial to be aware of the guideline value, as it influences the overall costs involved in the registration process. Buyers and sellers should ensure that they are informed about the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Riverview Colony Kothavari Street?

The current guideline value of Riverview Colony Kothavari Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most recent being an increase from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024. The value also rose from Rs 2,010 per sq.ft in 2017 to Rs 3,000 per sq.ft in 2023.

What is the land classification for Riverview Colony Kothavari Street?

The land classification for Riverview Colony Kothavari Street is Residential Class I Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 2,97,000 in fees based on the current guideline value.

Where can I find the Sub Registrar Office for Riverview Colony Kothavari Street?

The Sub Registrar Office for Riverview Colony Kothavari Street 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.