Guideline Value for SRI KANTHAKOTTAM NAGAR / STREETS

Sri Kanthakottam Nagar / Streets guideline value

The current guideline value for Sri Kanthakottam Nagar / Streets is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam SRO, classified as Residential Class III Type - III.

How the guideline value of Sri Kanthakottam Nagar / Streets has changed

In the 2012 revision, the guideline value was Rs 1,500 per sq.ft. This figure changed to Rs 1,005 per sq.ft in the 2017 revision, marking a decrease of 33%. The value then rose significantly to Rs 1,500 per sq.ft in the 2023 revision, followed by a further increase to Rs 1,600 per sq.ft in the 2024 revision, which is a rise of 7% from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Korattur

In total, there are 617 streets in Korattur under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value in this area is Rs 2,500 per sq.ft, indicating that the 2024 figure for Sri Kanthakottam Nagar / Streets is below this median.

• Sri Kanthakottam 2nd Street: 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 Nagar / Streets

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 to Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Kanthakottam Nagar / Streets?

The Sri Kanthakottam Nagar / Streets area is covered by 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 more information.

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

The guideline value is a critical factor during property transactions in Korattur, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value will be used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Sri Kanthakottam Nagar / Streets?

The current guideline value of Sri Kanthakottam Nagar / Streets 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 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 of Sri Kanthakottam Nagar / Streets?

Sri Kanthakottam Nagar / Streets is classified as Residential Class III Type - III.

Which Sub Registrar Office covers this area?

The Villivakkam Sub Registrar Office covers Sri Kanthakottam Nagar / Streets, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in this area?

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