Guideline Value for KAVARAI STREET

Kavarai Street guideline value

The current guideline value of Kavarai Street in Saidapet village is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Kavarai Street has changed

Starting from the earliest revision in 2002, the guideline value for Kavarai Street was Rs 685 per sq.ft. This figure increased to Rs 788 per sq.ft in 2003, marking a rise of 15%. The value continued to rise, reaching Rs 1,300 per sq.ft in 2007, which was an increase of 65%. In 2012, the value was recorded at Rs 4,000 per sq.ft, reflecting a significant jump of 208% from the previous revision.

In the following revisions, the guideline value saw further changes. The 2017 revision set the value at Rs 2,680 per sq.ft, a decrease of 33% from 2012. The value then increased to Rs 4,000 per sq.ft in 2023, which was a substantial rise of 49%. Finally, the current guideline value for 2024 is Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

Guideline values in Saidapet

In Saidapet, there are 52 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. Kavarai Street's 2024 figure of Rs 4,400 per sq.ft is above this median.

• Karunanidhi 2nd Street: Rs 2,750 per sq.ft (2024)
• Karunanidhi 1st Street: Rs 2,750 per sq.ft (2024)
• Karunanidhi 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Kistappa Naicker Street: Rs 3,300 per sq.ft (2024)
• Karan Garden 3rd Street: Rs 2,750 per sq.ft (2024)
• Karan Garden 2nd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kavarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees to Rs 3,96,000. It is important to note that 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 more details.

Which Sub Registrar Office covers Kavarai Street?

Kavarai Street is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Saidapet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration reflects the true value of the transaction, providing transparency in property dealings.

Frequently asked questions

What is the current guideline value of Kavarai Street?

The current guideline value of Kavarai Street 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 increased from Rs 685 in 2002 to Rs 4,400 in 2024, marking an overall increase of 542% over the years.

What is the land classification for Kavarai Street?

Kavarai Street is classified as Residential Class II Type - I under the Chennai South Joint I SRO.

What are the other streets in Saidapet with their guideline values?

Other streets in Saidapet include Karunanidhi 2nd Street and Karunanidhi 1st Street, both at Rs 2,750 per sq.ft, and Kistappa Naicker Street at Rs 3,300 per sq.ft.

Where can I find the Sub Registrar Office for Kavarai Street?

The Sub Registrar Office covering Kavarai Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.