Guideline Value for Kavangarai Street

Kavangarai Street guideline value

The current guideline value of Kavangarai Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Naravarikuppam village under the Redhills SRO and is classified as Residential Class III Type - I.

How the guideline value of Kavangarai Street has changed

Over the years, the guideline value of Kavangarai Street has seen significant changes. In the 2007 revision, the value was Rs 400 per sq.ft. This increased dramatically to Rs 1,200 per sq.ft in the 2012 revision, marking a 200% increase. However, in the 2017 revision, the value decreased to Rs 804 per sq.ft, a decline of 33%. The 2023 revision saw a substantial rise to Rs 1,200 per sq.ft, followed by a further increase to Rs 1,320 per sq.ft in the 2024 revision, which is a 10% increase from the previous year. The register has no figure for this street in the 2002 and 2003 revisions.

From the 2017 revision to the 2023 revision, the increase was 49%. Overall, from 2007 to 2024, there has been a remarkable increase of 230% in the guideline value. The current value of Rs 1,320 per sq.ft reflects the most recent adjustments.

Guideline values in Naravarikuppam

Naravarikuppam village has a total of 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. Kavangarai Street's 2024 figure is below this median.

• Kattabomman Street: Rs 1,650 per sq.ft (2024)
• Kattabomman Main Street: Rs 1,650 per sq.ft (2024)
• Kattabomman 2nd Street: Rs 1,650 per sq.ft (2024)
• Kattabomman 1st Street: Rs 1,650 per sq.ft (2024)
• Kasi Viswanathan Street: Rs 1,650 per sq.ft (2024)
• Kasim Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Kavangarai Street

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, while the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kavangarai Street?

The Sub Registrar Office that covers Kavangarai Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Naravarikuppam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

During the registration process, the guideline value is compared against the sale price of the property. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the transaction adheres to the legal requirements set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Kavangarai Street?

The current guideline value of Kavangarai Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, reflecting a 230% increase over the years.

What is the land classification for Kavangarai Street?

Kavangarai Street is classified as Residential Class III Type - I under the local regulations.

Where is the Sub Registrar Office for Kavangarai Street located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Kavangarai Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 1,18,800.