Guideline Value for KAVIMANI 3RD STREET

Kavimani 3rd Street guideline value

The current guideline value of Kavimani 3rd Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls 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 3rd Street has changed

The guideline value for Kavimani 3rd Street has seen several revisions over the years. In 2012, the guideline value was Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,500 per sq.ft, representing 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 there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current guideline value of Kavimani 3rd Street.

• Kavimani 2nd Cross Street: Rs 1,650 per sq.ft (2024)
• Kavimani Cross Street: Rs 1,650 per sq.ft (2024)
• Kavimani 1st 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost together to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kavimani 3rd Street?

The Sub Registrar Office that covers Kavimani 3rd 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, Chennai registration zone.

You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions as it determines the amount of stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must consider this value to ensure compliance with legal requirements and to avoid any potential disputes.

When a property is sold, the guideline value serves as a benchmark for assessing the transaction value. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price, ensuring that the government receives the appropriate revenue from the transaction.

Frequently asked questions

What is the current guideline value of Kavimani 3rd Street?

The current guideline value of Kavimani 3rd 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 back 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 3rd Street?

The land classification for Kavimani 3rd Street is Residential Class IV Type - I.

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

The Sub Registrar Office covering Kavimani 3rd Street is 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 3rd 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 amount to Rs 1,15,500.