Guideline Value for KAVARAI STREET

Kavarai Street guideline value

The current guideline value of Kavarai Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Kavarai Street has changed

The guideline value of Kavarai Street has seen several revisions over the years. In 2002, the value was Rs 783 per sq.ft, which increased to Rs 980 per sq.ft in 2003, marking a 25% rise. The value then continued to rise significantly, reaching Rs 1,300 per sq.ft in 2007, a 33% increase from the previous year. Following this, the value surged to Rs 4,500 per sq.ft in 2012, reflecting a remarkable 246% increase. However, the value dropped to Rs 3,015 per sq.ft in 2017, which was a decrease of 33% from the 2012 figure. The value then increased to Rs 4,500 per sq.ft in 2023, a 49% rise, and finally reached the current rate of Rs 4,950 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no figures available for the years other than those stated above. Overall, from 2002 to 2024, the guideline value has increased by 532%.

Guideline values in Saidapet

In Saidapet village, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Kavarai Street's 2024 figure above this median.

• Karunagaran Street: Rs 3,300 per sq.ft (2024)
• Karaneeswarar Koil Street: Rs 5,500 per sq.ft (2024)
• Kodha Medu: Rs 3,300 per sq.ft (2024)
• Kothavalchavadi Street: Rs 4,950 per sq.ft (2024)
• Kothavalchavadi Street Extn.: Rs 4,950 per sq.ft (2024)
• Kannagi Street: Rs 4,400 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 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, making the total cost Rs 4,45,500. 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 Kavarai Street?

Kavarai Street is covered by the Chennai South Joint II 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 is a crucial factor during the registration process when buying or selling property in Saidapet. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for buyers and sellers, as it affects the overall cost of the transaction. It is advisable to check the latest guideline values before proceeding with any property transactions to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Kavarai Street?

The current guideline value of Kavarai Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 783 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, showing an overall increase of 532% over the years.

What are the stamp duty and registration fees for property in Kavarai Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total cost would be Rs 4,45,500.

Which Sub Registrar Office covers Kavarai Street?

Kavarai Street is covered by the Chennai South Joint II Sub Registrar Office located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

Where can I find more information about the guideline values in Saidapet?

You can find more information about the guideline values in Saidapet by visiting the relevant sections on the Tamil Nadu Registration Department's website or by checking the guideline value register.