Guideline Value for TRANQUIL ACRES

Tranquil Acres guideline value

The current guideline value of Tranquil Acres, located in Kovilambakkam village under the Pallavaram SRO, is Rs 4,070 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Type - I.

How the guideline value of Tranquil Acres has changed

The guideline value for Tranquil Acres has seen several revisions over the years. In 2007, the value was Rs 1,200 per sq.ft, which increased significantly to Rs 3,700 per sq.ft in 2012. However, this figure then decreased to Rs 2,479 per sq.ft in 2017. The value rose again to Rs 3,700 per sq.ft in 2023 before reaching the current value of Rs 4,070 per sq.ft in 2024.

From 2017 to 2023, there was a notable increase of 49%. The jump from 2023 to 2024 represents a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 239%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kovilambakkam

Kovilambakkam village has a range of guideline values across its 61 streets under the Pallavaram SRO, with the 2024 figures ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Tranquil Acres above this median.

• Thiruvin Nagar: Rs 4,070 per sq.ft (2024)
• Thiruvenkandam Nagar: Rs 2,160 per sq.ft (2024)
• Vadakku Pattu Road: Rs 2,200 per sq.ft (2024)
• Thiru Nagar: Rs 2,750 per sq.ft (2024)
• Thiruchudar: Rs 4,070 per sq.ft (2024)
• Tamilkudimagan Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Tranquil Acres

For a 1,000 sq.ft plot at the current guideline value of Rs 4,070 per sq.ft, the total guideline value would be Rs 40,70,000. The stamp duty at 7% would amount to Rs 2,84,900, and the registration fee at 2% would be Rs 81,400, bringing the total to Rs 3,66,300. 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 Tranquil Acres?

The Sub Registrar Office that covers Tranquil Acres is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Kovilambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

Frequently asked questions

What is the current guideline value of Tranquil Acres?

The current guideline value of Tranquil Acres is Rs 4,070 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,200 per sq.ft in 2007 to Rs 4,070 per sq.ft in 2024, reflecting an overall increase of 239% over the years.

What is the land classification for Tranquil Acres?

The land classification for Tranquil Acres is Mixed Type - I, indicating a diverse usage of land in the area.

What are the stamp duty and registration fees for property in Tranquil Acres?

For a property valued at Rs 40,70,000, the stamp duty would be Rs 2,84,900, and the registration fee would be Rs 81,400, totaling Rs 3,66,300.

Which office do I need to visit for registration in Tranquil Acres?

The registration for properties in Tranquil Acres is handled by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.