Guideline Value for KAVIMANI 1ST STREET

Kavimani 1st Street guideline value

The current guideline value of Kavimani 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village, falling under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Kavimani 1st Street has changed

The guideline value for Kavimani 1st Street has seen several revisions over the years. The 2012 revision recorded a value of Rs 1,500 per sq.ft, which then dropped to Rs 1,005 per sq.ft in the 2017 revision. This was a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,500 per sq.ft, marking a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the 2024 figure for Kavimani 1st Street.

• Kavimani 2nd Cross Street: Rs 1,650 per sq.ft (2024)
• Kavimani 3rd Street: Rs 1,650 per sq.ft (2024)
• Kavimani Cross Street: Rs 1,650 per sq.ft (2024)
• Kavimani Street/All Street: Rs 1,650 per sq.ft (2024)
• Kavimani Street Extension: Rs 1,650 per sq.ft (2024)
• Kavimani Street First V.G.P. Shanthi Nagar (Geroge Avenue): Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Kavimani 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, these fees would total Rs 1,48,500. 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 detailed calculations.

Which Sub Registrar Office covers Kavimani 1st Street?

The Sub Registrar Office that covers Kavimani 1st Street is 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 Pallikaranai

The guideline value is a crucial factor when registering property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value of a property, ensuring that transactions are recorded at a fair value according to government standards.

When a property is bought or sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all transactions comply with legal requirements and reflect the current market conditions as assessed by the authorities.

Frequently asked questions

What is the current guideline value of Kavimani 1st Street?

The current guideline value of Kavimani 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification of Kavimani 1st Street?

Kavimani 1st Street is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Kavimani 1st Street?

The Sub Registrar Office for Kavimani 1st Street is 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.

How is the stamp duty calculated for properties in Kavimani 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty at 7% would be Rs 1,15,500.