Guideline Value for G.K.M. Colony 41st Street Sir. C.V. Raman Street

G.K.M. Colony 41st Street Sir. C.V. Raman Street guideline value

The current guideline value for G.K.M. Colony 41st Street Sir. C.V. Raman Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Konnur village and falls under the Konnur SRO. The land classification is Residential Class I Type - I.

How the guideline value of G.K.M. Colony 41st Street Sir. C.V. Raman Street has changed

The guideline value for G.K.M. Colony 41st Street has seen several revisions over the years. The earliest recorded revision was in 2002, with a guideline value of Rs 399 per sq.ft. This figure increased to Rs 433 per sq.ft in 2003, marking a 9% rise. The next significant change occurred in 2007, where the value jumped to Rs 800 per sq.ft, reflecting an increase of 85%. In 2012, it was recorded at Rs 5,000 per sq.ft, which represented a substantial increase of 525% from the previous revision. However, in 2017, the value decreased to Rs 3,350 per sq.ft, showing a decline of 33%.

From 2017 to 2023, the guideline value rose significantly to Rs 5,000 per sq.ft, reflecting a 49% increase. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, which is a 10% increase from the previous year. There are no figures for the years not mentioned in the register for this street.

Guideline values in Konnur

Konnur village has 249 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft, with a median value of Rs 3,800 per sq.ft. The guideline value of G.K.M. Colony 41st Street is above this median.

• G.K.M. Colony 40th Street Akbar Squar 1 to 4 th st: Rs 5,500 per sq.ft (2024)
• G.K.M. Colony 42nd Street Jagageevan Ram Street: Rs 5,500 per sq.ft (2024)
• G.K.M.Colony 43th Street Thillaiyadi Valliammai Street: Rs 6,000 per sq.ft (2024)
• G.K.M. Colony 39th Street Kakkanji Street: Rs 5,500 per sq.ft (2024)
• G.K.M. Colony 44th Street: Rs 5,500 per sq.ft (2024)
• G.K.M. Colony 38th Street Dr. Ambethkar Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in G.K.M. Colony 41st Street Sir. C.V. Raman 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, totaling Rs 4,95,000. 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 G.K.M. Colony 41st Street Sir. C.V. Raman Street?

The G.K.M. Colony 41st Street Sir. C.V. Raman Street falls under the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Konnur. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. This value is essential for ensuring that the transaction is recorded accurately and legally.

When a buyer or seller proceeds with a property transaction, the guideline value serves as a benchmark for calculating the applicable fees. It is important to note that the stamp duty is charged on the higher of either the guideline value or the sale price of the property.

Frequently asked questions

What is the current guideline value of G.K.M. Colony 41st Street Sir. C.V. Raman Street?

The current guideline value of G.K.M. Colony 41st Street Sir. C.V. Raman 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 from Rs 399 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, with various increases and decreases over the years, including a notable increase of 10% from 2023 to 2024.

What is the land classification for G.K.M. Colony 41st Street?

The land classification for G.K.M. Colony 41st Street Sir. C.V. Raman Street is Residential Class I Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering G.K.M. Colony 41st Street is located at Sub Register Office, Villivakkam Panchat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the stamp duty calculated for properties in Konnur?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty at 7% would amount to Rs 3,85,000.