Guideline Value for KAVIMANI CROSS STREET

Kavimani Cross Street guideline value

The current guideline value of Kavimani Cross 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 Cross Street has changed

Over the years, the guideline value for Kavimani Cross Street has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,005 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and then further rose to Rs 1,650 per sq.ft in the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

The changes between the revisions reflect a +10% increase from 2023 to 2024, a substantial +49% increase from 2017 to 2023, and a decrease of -33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has seen a +10% change, bringing it to the current rate.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO with a 2024 guideline value range 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 the same as the current value for Kavimani Cross Street.

• Kavimani 3rd Street: Rs 1,650 per sq.ft (2024)
• Kavimani Street/All Street: Rs 1,650 per sq.ft (2024)
• Kavimani 2nd Cross Street: Rs 1,650 per sq.ft (2024)
• Kavimani Street Extension: Rs 1,650 per sq.ft (2024)
• Kavimani 1st Street: 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 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 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, making the total cost for stamp duty and registration 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 calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kavimani Cross Street?

The Sub Registrar Office that covers Kavimani 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 the minimum value set by the government for registration purposes, ensuring that properties are not undervalued during transactions. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction.

During the registration process, the buyer and seller must declare the sale price, and the stamp duty is calculated based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kavimani Cross Street?

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

What is the registration office for Kavimani Cross Street?

The registration office for Kavimani 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.

How is stamp duty calculated for properties in Kavimani Cross Street?

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

What other streets have the same guideline value in Pallikaranai?

Several other streets in Pallikaranai also have a guideline value of Rs 1,650 per sq.ft in 2024, including Kavimani 3rd Street, Kavimani Street/All Street, and Kavimani 2nd Cross Street, among others.