Guideline Value for Kashyapa Street

Kashyapa Street guideline value

The current guideline value of Kashyapa Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and falls under the Residential Class II Type - II land classification.

How the guideline value of Kashyapa Street has changed

The guideline value for Kashyapa Street has seen several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a 500% increase. However, this value dropped to Rs 2,010 per sq.ft in 2017, reflecting a decrease of 33% from the previous revision.

In 2023, the guideline value rose to Rs 3,000 per sq.ft, and then further increased to Rs 3,300 per sq.ft in the 2024 revision, which is a 10% rise. Overall, from 2007 to 2024, the guideline value has increased by 560%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft in 2024. The median guideline value for these streets is Rs 3,850 per sq.ft, placing Kashyapa Street's 2024 figure below this median.

• Kathirvelan Street: Rs 3,300 per sq.ft (2024)
• Karpagam Nagar: Rs 3,850 per sq.ft (2024)
• Karpagam Avenue: Rs 4,400 per sq.ft (2024)
• Kannammal Nagar Avenue: Rs 2,750 per sq.ft (2024)
• Kannammal Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Kannammal Nagar 1st Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kashyapa Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Kashyapa Street?

The Sub Registrar Office covering Kashyapa Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Valasaravakkam. It is used to determine the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the buyer must ensure that the sale price is not lower than the guideline value. This ensures that the government receives the appropriate revenue from property transactions, as the guideline value is established to reflect the market conditions in the area.

Frequently asked questions

What is the current guideline value of Kashyapa Street?

The current guideline value of Kashyapa Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 560% over these years.

What is the stamp duty for properties on Kashyapa Street?

The stamp duty for properties on Kashyapa Street is 7% of the guideline value or sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000.

Which Sub Registrar Office should I visit for transactions on Kashyapa Street?

The Virugambakkam Sub Registrar Office is responsible for transactions on Kashyapa Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Kashyapa Street?

Kashyapa Street falls under the Residential Class II Type - II land classification, which is important for understanding the zoning and usage regulations applicable to the area.