Guideline Value for Kavery Street

Kavery Street guideline value

The current guideline value of Kavery Street in Velachery village, under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - III land classification.

How the guideline value of Kavery Street has changed

The guideline value for Kavery Street has seen significant changes over the years. In 2002, the guideline value was Rs 295 per sq.ft, which increased to Rs 571 per sq.ft in 2003, marking a rise of 94%. This value further surged to Rs 3,500 per sq.ft by 2012, reflecting a remarkable increase of 513%. The value remained unchanged at Rs 3,500 per sq.ft until the 2023 revision, when it rose to Rs 3,850 per sq.ft, a 10% increase.

There are no figures available for the revisions in 2007 and 2017. Overall, from 2002 to 2024, the guideline value has increased by 1205% from Rs 295 per sq.ft to Rs 3,850 per sq.ft.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, and the median value is Rs 4,400 per sq.ft. Kavery Street's current guideline value is below this median.

• Kathiravan Nagar: Rs 4,400 per sq.ft (2024)
• Karunanidhi Street: Rs 3,850 per sq.ft (2024)
• Karunambigai Street: Rs 3,850 per sq.ft (2024)
• Karunambigai Colony: Rs 4,400 per sq.ft (2024)
• Karunakaran Street: Rs 3,850 per sq.ft (2024)
• Karumariyamman Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kavery Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total fees Rs 3,46,500. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kavery Street?

The Sub Registrar Office that covers Kavery Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Velachery. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold.

When registering a property, the guideline value is considered to ensure that the transaction is recorded accurately. Buyers and sellers should be aware of the guideline value as it directly impacts the costs associated with property transactions.

Frequently asked questions

What is the current guideline value of Kavery Street?

The current guideline value of Kavery Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 295 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1205%.

What is the land classification for Kavery Street?

Kavery Street is classified as Residential Class II Type - III under the current land classification.

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

The total stamp duty for a 1,000 sq.ft plot at the current guideline value would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles property registration for Kavery Street?

The Velacheri Sub Registrar Office handles property registration for Kavery Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.