Guideline Value for TOWN PHASE 2

Town Phase 2 guideline value

The current guideline value of Town Phase 2 in Kovilkuppam village is Rs 300 per sq.ft, effective from 1 July 2024. This area falls under the Manavalanagar SRO and is classified as Residential Class III Type - I.

How the guideline value of Town Phase 2 has changed

In the 2012 revision, the guideline value was set at Rs 300 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 201 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 300 per sq.ft in the 2023 revision, reflecting a 49% increase from the 2017 figure. The 2024 revision maintained this value at Rs 300 per sq.ft, indicating no change from the previous year.

For the years 2002, 2003, and 2007, the register has no figure for this street. Overall, from 2012 to 2024, the guideline value has remained unchanged at Rs 300 per sq.ft.

Guideline values in Kovilkuppam

In Kovilkuppam, there are 68 streets under the Manavalanagar SRO with a 2024 guideline value ranging from Rs 300 to Rs 800 per sq.ft. The median value for these streets is Rs 350 per sq.ft, placing Town Phase 2's 2024 figure below that median.

• Vaisali Nagar: Rs 300 per sq.ft (2024)
• Vasantham Nagar: Rs 350 per sq.ft (2024)
• Vasuki Nagar: Rs 300 per sq.ft (2024)
• Sv Nagar Extension: Rs 300 per sq.ft (2024)
• S V Nagar: Rs 350 per sq.ft (2024)
• Surya Town: Rs 300 per sq.ft (2024)

Stamp duty and registration fee for property in Town Phase 2

For a 1,000 sq.ft plot at the current rate of Rs 300 per sq.ft, the guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, totaling Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Town Phase 2?

The Sub Registrar Office that covers Town Phase 2 is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Kovilkuppam. It serves as the basis for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as determined by the local authorities.

When a property is registered, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Town Phase 2?

The current guideline value of Town Phase 2 is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent revision in 2024 maintaining the value at Rs 300 per sq.ft, the same as in 2023. The value was Rs 201 per sq.ft in 2017 and Rs 300 per sq.ft in 2012.

What is the land classification for Town Phase 2?

Town Phase 2 is classified as Residential Class III Type - I, indicating its designation for residential purposes.

Where is the Sub Registrar Office for Town Phase 2 located?

The Sub Registrar Office for Town Phase 2 is located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.

How is stamp duty calculated for properties in Town Phase 2?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 300 per sq.ft, the total guideline value would be Rs 3,00,000, leading to a stamp duty of Rs 21,000.