Guideline Value for KAVERY STREET

Kavery Street guideline value

The current guideline value of Kavery Street in Nemilicherry village, under the Pallavaram SRO, is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Kavery Street has changed

The guideline value for Kavery Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was followed by a decrease to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 2,000 per sq.ft. The most recent revision in 2024 has further increased the value to Rs 2,160 per sq.ft, marking an 8% rise from the previous year.

It is important to note that the register has no figures for Kavery Street for the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value is Rs 2,160 per sq.ft, which is equal to the current value of Kavery Street.

• Kattabomman Street: Rs 2,160 per sq.ft (2024)
• Kothavari Street: Rs 2,160 per sq.ft (2024)
• Karigalan Street: Rs 2,160 per sq.ft (2024)
• Kanni Koil Street: Rs 2,160 per sq.ft (2024)
• Kannammal Nagar: Rs 2,160 per sq.ft (2024)
• Kulakkarai Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Kavery Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, bringing the total cost for stamp duty and registration fees to Rs 1,94,400. 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 Kavery Street?

Kavery Street is covered by 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 further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Nemilicherry. It serves as a benchmark for determining the minimum value of a property, ensuring that transactions are recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal ownership transfer. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Kavery Street?

The current guideline value of Kavery Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,160 per sq.ft in 2024.

What is the land classification for Kavery Street?

Kavery Street is classified as Residential Class II Type - I.

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

The Sub Registrar Office covering Kavery Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 2,160 per sq.ft has a total guideline value of Rs 21,60,000, leading to specific fees based on that amount.