Guideline Value for Kavarai Street

Kavarai Street guideline value

The current guideline value of Kavarai Street in Seemapuram village is Rs 220 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class I Type - I.

How the guideline value of Kavarai Street has changed

The guideline value for Kavarai Street has undergone several revisions over the years. In 2007, the value was set at Rs 100 per sq.ft, which increased to Rs 200 per sq.ft in 2012. However, it dropped to Rs 134 per sq.ft in 2017. The 2023 revision saw a significant increase to Rs 200 per sq.ft, followed by another increase to Rs 220 per sq.ft in 2024, marking a 10% rise from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 120%. The register has no figures for Kavarai Street for the years 2002 and 2003.

Guideline values in Seemapuram

In Seemapuram, there are 13 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 110 to Rs 1,600 per sq.ft. The median value for these streets is Rs 220 per sq.ft, which is equal to the current guideline value of Kavarai Street.

• Kinaru Street: Rs 220 per sq.ft (2024)
• Kurukku Street: Rs 220 per sq.ft (2024)
• Kadaisi Street: Rs 110 per sq.ft (2024)
• Mettu Street: Rs 220 per sq.ft (2024)
• Mother Therasa Garden: Rs 1,600 per sq.ft (2024)
• Chakkili Street: Rs 110 per sq.ft (2024)

Stamp duty and registration fee for property in Kavarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 220 per sq.ft, the total guideline value would be Rs 2,20,000. The stamp duty, charged at 7%, would amount to Rs 15,400, while the registration fee at 2% would be Rs 4,400. Together, these fees total Rs 19,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kavarai Street?

Kavarai Street is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Seemapuram. It serves as the basis for calculating the stamp duty and registration fees, which are mandatory for legal property transactions.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kavarai Street?

The current guideline value of Kavarai Street is Rs 220 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2007 to Rs 220 per sq.ft in 2024, with various revisions in between, including a drop to Rs 134 per sq.ft in 2017.

What are the stamp duty and registration fees for Kavarai Street?

For a property valued at Rs 2,20,000, the stamp duty would be Rs 15,400 and the registration fee would be Rs 4,400, totaling Rs 19,800.

Which office handles registrations for Kavarai Street?

The Redhills Sub Registrar Office handles registrations for Kavarai Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and recent revisions in property values in the area.