Guideline Value for Kavarai Street (V.P)

Kavarai Street (V.P) guideline value

The current guideline value of Kavarai Street (V.P) is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Kavarai Street (V.P) has changed

The guideline value for Kavarai Street (V.P) has seen significant changes over the years. In the 2007 revision, the guideline value was Rs 1,460 per sq.ft. This increased to Rs 5,000 per sq.ft in the 2012 revision, marking a substantial rise of 242%. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, reflecting a 10% increase from the 2012 figure. Notably, there are no figures available for the revisions in 2023, 2017, 2003, and 2002.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 277%. This progression highlights the changes in property valuation in Kavarai Street (V.P) over the years.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Kavarai Street (V.P) above this median.

• Kavarai Street (W.M): Rs 5,500 per sq.ft (2024)
• Kattapomman Street: Rs 3,300 per sq.ft (2024)
• Kaveri Street Block 62: Rs 4,900 per sq.ft (2024)
• Kasiviswanathan Street: Rs 7,700 per sq.ft (2024)
• Kasiviswanathan Colony 6th Street: Rs 7,700 per sq.ft (2024)
• Kasiviswanathan Colony 5th Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Kavarai Street (V.P)

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Kavarai Street (V.P)?

The Sub Registrar Office that covers Kavarai Street (V.P) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Kodambakkam. It serves as the basis for calculating the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to determine the applicable duties. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Kavarai Street (V.P)?

The current guideline value of Kavarai Street (V.P) is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,460 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking a total increase of 277% over the years.

What are the other guideline values in Kodambakkam?

The guideline values for other streets in Kodambakkam range from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 4,900 per sq.ft.

What fees are associated with buying property in Kavarai Street (V.P)?

When buying property in Kavarai Street (V.P), you will need to pay stamp duty at 7% and a registration fee at 2% based on the higher of the guideline value or the sale price.

Which office handles the registration for Kavarai Street (V.P)?

The Ashok Nagar Sub Registrar Office handles the registration for Kavarai Street (V.P), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.