Guideline Value for SRI KANTHAKOTTAM 2ND STREET

Sri Kanthakottam 2nd Street guideline value

The current guideline value of Sri Kanthakottam 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class III Type - III.

How the guideline value of Sri Kanthakottam 2nd Street has changed

The guideline value for Sri Kanthakottam 2nd Street has seen several revisions over the years. In the 2012 revision, the value was Rs 1,500 per sq.ft. This decreased to Rs 1,005 per sq.ft in 2017, marking a decline of 33%. However, the value increased significantly to Rs 1,500 per sq.ft in the 2023 revision, and further rose to Rs 1,600 per sq.ft in the 2024 revision, representing a 7% increase from the previous year.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 7%. It is important to note that for the years 2002, 2003, and 2007, the register has no figure for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, indicating that the guideline value for Sri Kanthakottam 2nd Street is below this median.

• Sri Kanthakottam Nagar / Streets: Rs 1,600 per sq.ft (2024)
• Sri Krishna Nagar (Near Sivananda Colony): Rs 2,500 per sq.ft (2024)
• SRI IYYAPPA NAGAR (Right Side of 200Feet Road) 7th STREET: Rs 3,300 per sq.ft (2024)
• SRI IYYAPPA NAGAR (Right Side of 200Feet Road) 6th STREET: Rs 3,300 per sq.ft (2024)
• SRI IYYAPPA NAGAR (Right Side of 200Feet Road) 5th STREET: Rs 3,300 per sq.ft (2024)
• SRI IYYAPPA NAGAR (Right Side of 200Feet Road) 4th STREET: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Kanthakottam 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total cost for these fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Kanthakottam 2nd Street?

The Sub Registrar Office that covers Sri Kanthakottam 2nd Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for further assistance.

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

The guideline value is a crucial factor during property registration in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which may affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Sri Kanthakottam 2nd Street?

The current guideline value of Sri Kanthakottam 2nd Street is Rs 1,600 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 back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for Sri Kanthakottam 2nd Street?

Sri Kanthakottam 2nd Street is classified as Residential Class III Type - III.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated for properties in Sri Kanthakottam 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 16,00,000, the stamp duty at 7% would be Rs 1,12,000.