Guideline Value for KAVIMANI 2ND CROSS STREET

Kavimani 2nd Cross Street guideline value

The current guideline value of Kavimani 2nd Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village, under the Chennai South Joint I SRO, and falls under the Residential Class IV Type - I land classification.

How the guideline value of Kavimani 2nd Cross Street has changed

The guideline value for Kavimani 2nd Cross Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 1,650 per sq.ft, which reflects a 10% increase from the 2023 revision of Rs 1,500 per sq.ft. Prior to that, in 2012, the guideline value was also Rs 1,500 per sq.ft, indicating no change from 2012 to 2023. The register has no figures for the years 2002, 2003, 2007, and 2017.

Overall, from 2012 to 2024, the guideline value increased by 10%. The 2024 figure of Rs 1,650 per sq.ft aligns with the median value of Rs 1,650 per sq.ft for 749 streets in Pallikaranai under the Chennai South Joint I SRO.

Guideline values in Pallikaranai

Pallikaranai has a range of guideline values for different streets, with the 2024 figures varying from Rs 1,110 to Rs 8,580 per sq.ft. Kavimani 2nd Cross Street's 2024 guideline value is equal to the median of Rs 1,650 per sq.ft. Below are other streets in Pallikaranai with their respective guideline values:

• Kavimani 1st 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 2nd Cross 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, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kavimani 2nd Cross Street?

The Sub Registrar Office that covers Kavimani 2nd Cross 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 plays a crucial role in property transactions in Pallikaranai. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers should be aware that the guideline value can influence the overall cost of the transaction.

When registering a property, 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 government receives the correct revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Kavimani 2nd Cross Street?

The current guideline value of Kavimani 2nd Cross 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 increased from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024, marking a 10% increase. There was no change from 2012 to 2023, with the value remaining at Rs 1,500 per sq.ft.

What is the land classification for Kavimani 2nd Cross Street?

Kavimani 2nd Cross Street is classified under Residential Class IV Type - I land classification.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total costs would amount to Rs 1,48,500.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Kavimani 2nd Cross 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.