Guideline Value for South Coovam Salai

South Coovam Salai guideline value

The current guideline value of South Coovam Salai is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Egmore village, under the Periamet SRO, and is classified as Residential Class III Type - III.

How the guideline value of South Coovam Salai has changed

The guideline value for South Coovam Salai has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 775 per sq.ft. This increased to Rs 855 per sq.ft in 2003, marking a 10% rise. The value then rose again to Rs 1,200 per sq.ft in 2007, reflecting a 40% increase. Following this, the 2012 revision set the value at Rs 4,000 per sq.ft, which was a significant 233% increase from the previous revision.

In the subsequent years, the guideline value continued to change. The 2017 revision recorded a value of Rs 2,680 per sq.ft, which was a decrease of 33% from 2012. The 2023 revision saw a rise to Rs 4,000 per sq.ft, and the most recent 2024 revision set the value at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 468%.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft, with a median value of Rs 7,100 per sq.ft. The guideline value for South Coovam Salai is below this median.

• Soorammal Street: Rs 7,100 per sq.ft (2024)
• Soorammal Lane: Rs 7,100 per sq.ft (2024)
• spurtank Road 2nd lane(logaiyya maistry street): Rs 3,900 per sq.ft (2024)
• Spurtankroad(Mayor V.R.Ramanathan Road): Rs 13,500 per sq.ft (2024)
• Slum Clearance Board (tenement): Rs 2,800 per sq.ft (2024)
• Siyali Mudali Stret: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in South Coovam Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, resulting in a total of Rs 3,96,000. 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 for more details.

Which Sub Registrar Office covers South Coovam Salai?

The Sub Registrar Office that covers South Coovam Salai is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

When buying or selling property in Egmore, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and is used to assess the value of the property for taxation purposes.

At the time of registration, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of South Coovam Salai?

The current guideline value of South Coovam Salai is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 775 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, representing an overall increase of 468% over this period.

What is the classification of South Coovam Salai?

South Coovam Salai is classified as Residential Class III Type - III, indicating its designation for residential use.

Where can I calculate the stamp duty and registration fees?

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

Which office handles registrations for South Coovam Salai?

The Periamet Sub Registrar Office handles registrations for South Coovam Salai, located at 1103, Poonamallee High Road, Chennai-600 003.