Guideline Value for KARAN GARDEN 1ST STREET

Karan Garden 1st Street guideline value

The current guideline value of Karan Garden 1st Street is Rs 2,750 per sq.ft. This street is located in Saidapet village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - III.

How the guideline value of Karan Garden 1st Street has changed

The guideline value for Karan Garden 1st Street has seen several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 822 per sq.ft. This increased to Rs 946 per sq.ft in 2003, marking a 15% rise. The value then rose to Rs 1,300 per sq.ft in 2007, a 37% increase from the previous revision. Following this, in 2012, the value reached Rs 2,500 per sq.ft, reflecting a significant 92% increase. However, in 2017, the value decreased to Rs 1,675 per sq.ft, a drop of 33%. The guideline value then increased to Rs 2,500 per sq.ft in 2023, followed by the current rate of Rs 2,750 per sq.ft from the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 235%. There are no figures available for the years not mentioned in this register.

Guideline values in Saidapet

In Saidapet, there are 52 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 8,250 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Karan Garden 1st Street's 2024 figure below that median.

• Karan Garden: Rs 2,750 per sq.ft (2024)
• Karan Garden 2nd Street: Rs 2,750 per sq.ft (2024)
• Karan Garden 3rd Street: Rs 2,750 per sq.ft (2024)
• Karaneeswarar Koil Street: Rs 4,950 per sq.ft (2024)
• Karunanidhi 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Karunanidhi 1st Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Karan Garden 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. 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 more details.

Which Sub Registrar Office covers Karan Garden 1st Street?

The Sub Registrar Office that covers Karan Garden 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for additional information.

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

The guideline value is a critical reference point for property transactions in Saidapet. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value helps establish a baseline for the transaction, ensuring that the registration reflects a fair assessment of the property's worth. This process safeguards both buyers and sellers by providing a standardized valuation method.

Frequently asked questions

What is the current guideline value of Karan Garden 1st Street?

The current guideline value of Karan Garden 1st Street is Rs 2,750 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 822 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 235% over the years.

What is the registration office for Karan Garden 1st Street?

The registration office for Karan Garden 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Karan Garden 1st Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 1,92,500 based on the current guideline value.

What other streets have a similar guideline value in Saidapet?

Other streets in Saidapet, such as Karan Garden 2nd Street and Karan Garden 3rd Street, also have a guideline value of Rs 2,750 per sq.ft in 2024, indicating consistency in valuation across these streets.