Guideline Value for KAVARAI STREET (WEST)

Kavarai Street (West) guideline value

The current guideline value of Kavarai Street (West) is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Mambalam village, under the Thiyagaraya nagar SRO, and is classified as Residential Class III Type - II.

How the guideline value of Kavarai Street (West) has changed

Over the years, the guideline value of Kavarai Street (West) has undergone several revisions. The earliest recorded figure is Rs 557 per sq.ft in 2002. This increased to Rs 618 per sq.ft in 2003, marking an increase of 11%. The value saw a significant rise to Rs 1,000 per sq.ft in 2007, which was a 62% increase. Following this, the value surged dramatically to Rs 4,500 per sq.ft in 2012, reflecting a 350% increase. However, it then dropped to Rs 3,015 per sq.ft in 2017, a decrease of 33%. The guideline value then rose again to Rs 4,500 per sq.ft in 2023, and finally reached Rs 5,000 per sq.ft in 2024, an increase of 11% from the previous year.

In summary, from 2002 to 2024, the overall increase in the guideline value for Kavarai Street (West) is 798%. Notably, there are no revisions in the register for years other than those specified above.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO that have a 2024 guideline value ranging from Rs 4,400 to Rs 22,000 per sq.ft, with a median value of Rs 6,600 per sq.ft. The guideline value for Kavarai Street (West) is below this median.

• Kavarai Street (South): Rs 5,000 per sq.ft (2024)
• Kavarai Street (North): Rs 5,000 per sq.ft (2024)
• Kaveri Nagar 2st Cross Street: Rs 5,000 per sq.ft (2024)
• Kaveri Nagar 3st Cross Street: Rs 5,000 per sq.ft (2024)
• Kaveri Nagar 4th Cross Street: Rs 5,000 per sq.ft (2024)
• Kaveri Nagar Ist Cross Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Kavarai Street (West)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, together totaling Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Kavarai Street (West)?

The Sub Registrar Office that covers Kavarai Street (West) is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Mambalam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately in accordance with government regulations.

When buying or selling property, the guideline value is utilized to calculate the applicable stamp duty and registration fees. Buyers must be aware of the guideline value to ensure compliance with legal requirements and to avoid any potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Kavarai Street (West)?

The current guideline value of Kavarai Street (West) is Rs 5,000 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 557 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, reflecting an overall increase of 798% over this period.

What is the land classification of Kavarai Street (West)?

Kavarai Street (West) is classified as Residential Class III Type - II, indicating its designation for residential use.

What are the stamp duty and registration fees for properties in Kavarai Street (West)?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft property, the total costs would amount to Rs 4,50,000.

Where is the Sub Registrar Office for Kavarai Street (West)?

The Sub Registrar Office for Kavarai Street (West) is located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.