Guideline Value for KAVITHA NAGAR

Kavitha Nagar guideline value

The current guideline value for Kavitha Nagar in Phagalmedu village, under the Arani_Tiruvallur SRO, is Rs 300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Kavitha Nagar has changed

The guideline value for Kavitha Nagar has undergone several revisions over the years. The 2017 revision set the value at Rs 201 per sq.ft. This was followed by the 2023 revision, which maintained the value at Rs 300 per sq.ft. The most recent revision in 2024 also holds the value at Rs 300 per sq.ft, indicating no change from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2017 to 2024, there has been a 49% increase, with the current rate reflecting a significant rise from the earlier figure.

Guideline values in Phagalmedu

In Phagalmedu, there are six streets under the Arani_Tiruvallur SRO that have a 2024 guideline value ranging from Rs 250 to Rs 300 per sq.ft. The median value for these streets is Rs 275 per sq.ft, placing Kavitha Nagar's 2024 figure above this median.

• Padmavathi Nagar: Rs 250 per sq.ft (2024)
• Srivari Nagar Phase-1: Rs 300 per sq.ft (2024)
• Sri Vari Nagar Phase-II: Rs 300 per sq.ft (2024)
• Sri Venkatachalapathy Nagar: Rs 250 per sq.ft (2024)
• Thirumalai Nagar: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in Kavitha Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 300 per sq.ft, the total guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, totaling Rs 27,000. It is important to note that the 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 Kavitha Nagar?

The Kavitha Nagar area falls under the jurisdiction of the Arani_Tiruvallur Sub Registrar Office, located at No.10, S.p Kovil Street, Arani, Ponneri (tk), Thiruvallur (dt) - 601 101. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Phagalmedu. It serves as a benchmark for determining the stamp duty and registration fees payable at the time of registration. Buyers and sellers must consider this value to ensure compliance with legal requirements during property transactions.

When a property is sold, the guideline value is used to calculate the applicable duties, which are based on either the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kavitha Nagar?

The current guideline value of Kavitha Nagar is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 201 per sq.ft in 2017 to Rs 300 per sq.ft in both 2023 and 2024, reflecting a 49% increase overall from 2017 to 2024.

What are the guideline values of other streets in Phagalmedu?

Other streets in Phagalmedu have guideline values ranging from Rs 250 to Rs 300 per sq.ft. The median for these streets is Rs 275 per sq.ft.

What are the stamp duty and registration fees in Kavitha Nagar?

For a property valued at Rs 3,00,000, the stamp duty would be Rs 21,000 and the registration fee would be Rs 6,000, totaling Rs 27,000.

Which office handles registrations for Kavitha Nagar?

The Arani_Tiruvallur Sub Registrar Office handles registrations for Kavitha Nagar, located at No.10, S.p Kovil Street, Arani, Ponneri (tk), Thiruvallur (dt) - 601 101.