Guideline Value for Kavarai Street

Kavarai Street guideline value

The current guideline value of Kavarai Street in Saligramam village, under the Virugambakkam SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Special Type - III.

How the guideline value of Kavarai Street has changed

Over the years, the guideline value of Kavarai Street has seen significant changes. In 2002, the value was Rs 590 per sq.ft, which increased to Rs 645 per sq.ft in 2003. Following this, the value rose to Rs 1,350 per sq.ft in 2007, and then to Rs 5,000 per sq.ft in 2012. However, it dropped to Rs 3,350 per sq.ft in 2017 before increasing to Rs 5,000 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 832%. The revisions for the years 2012 to 2017 and 2017 to 2023 show a decrease and a significant increase, respectively, with no figures available for the years not mentioned in the register.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Kavarai Street's 2024 figure above that median.

• Kaveri Rangan Nagar: Rs 5,500 per sq.ft (2024)
• Kaveri Rangan Nagar - Bharathiar Street: Rs 5,500 per sq.ft (2024)
• Kaveri Rangan Nagar - Duraiarasan Street: Rs 5,500 per sq.ft (2024)
• Kaveri Rangan Nagar - Indra Street: Rs 5,500 per sq.ft (2024)
• Kaveri Rangan Nagar - Kavery Naidu Street: Rs 5,500 per sq.ft (2024)
• Kaveri Rangan Nagar - Kesava Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Kavarai Street

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the 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 to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Kavarai Street?

The Sub Registrar Office that covers Kavarai 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 further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the registration fees and stamp duties are calculated accurately.

When buying or selling property, the guideline value helps in establishing a fair price for both parties involved in the transaction. It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Kavarai Street?

The current guideline value of Kavarai Street 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 changed significantly, increasing from Rs 590 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, with various fluctuations in between.

What is the land classification for Kavarai Street?

The land classification for Kavarai Street is Residential Special Type - III.

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

For a 1,000 sq.ft property, the total stamp duty and registration fees would amount to Rs 4,95,000, based on the current guideline value.

Which office handles the registration of properties in Kavarai Street?

The Virugambakkam Sub Registrar Office handles the registration of properties in Kavarai Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.