Guideline Value for KAVIMANI STREET EXTENSION

Kavimani Street Extension guideline value

The current guideline value for Kavimani Street Extension in Pallikaranai village is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Kavimani Street Extension has changed

The guideline value for Kavimani Street Extension has seen several revisions over the years. The earliest recorded revision was in 2012, where the value was Rs 1,500 per sq.ft. This figure remained unchanged until the next revision in 2017, which saw a decrease to Rs 1,005 per sq.ft. The 2023 revision brought the value back up to Rs 1,500 per sq.ft, and the most recent revision in 2024 set the guideline value at Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2017, there was a significant decrease of 33%. However, from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with the 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value among these streets is Rs 1,650 per sq.ft, which is the same as the guideline value for Kavimani Street Extension.

• Kavimani Street/All 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)
• Kavimani Cross Street: Rs 1,650 per sq.ft (2024)
• Kavimani Street First Thulukanathamman Koil P.G: Rs 1,650 per sq.ft (2024)
• Kavimani 3rd Street: Rs 1,650 per sq.ft (2024)
• Kavimani 2nd Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Kavimani Street Extension

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. Together, the total cost for these fees would be 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 Street Extension?

The Kavimani Street Extension falls under the jurisdiction of 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 an important factor when registering property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property being transacted. Buyers and sellers must consider the guideline value to avoid disputes during the registration process, as it is the basis for calculating the applicable fees.

Frequently asked questions

What is the current guideline value for Kavimani Street Extension?

The current guideline value for Kavimani Street Extension 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 1,650 per sq.ft in 2024, with various revisions in between, including a decrease in 2017 and increases in 2023 and 2024.

What is the land classification for Kavimani Street Extension?

Kavimani Street Extension is classified as Residential Class IV Type - I, indicating its suitability for residential development.

Where can I find the registration office for this area?

The registration office covering Kavimani Street Extension 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 are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is calculated at 2%. For example, for a 1,000 sq.ft property at Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000, leading to specific fees as outlined earlier.