Guideline Value for KARANEESWARAR KOIL STREET

Karaneeswarar Koil Street guideline value

The current guideline value of Karaneeswarar Koil Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Karaneeswarar Koil Street has changed

The guideline value for Karaneeswarar Koil Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 637 per sq.ft. In 2003, it increased to Rs 798 per sq.ft, marking a 25% rise. The 2007 revision saw a significant jump to Rs 1,300 per sq.ft, which is a 63% increase. Following that, in 2012, the value was Rs 5,000 per sq.ft, reflecting a substantial 285% increase from the previous revision. However, in 2017, it dropped to Rs 3,350 per sq.ft, a decrease of 33%. The 2023 revision brought it back up to Rs 5,000 per sq.ft, and the latest revision in 2024 set it at Rs 5,500 per sq.ft, a 10% increase from the previous year. There are no figures available for any other years in the register for this street.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, and Karaneeswarar Koil Street's 2024 figure is above this median.

• Karunagaran Street: Rs 3,300 per sq.ft (2024)
• Kannagi Street: Rs 4,400 per sq.ft (2024)
• Kambar Street: Rs 5,500 per sq.ft (2024)
• Kavarai Street: Rs 4,950 per sq.ft (2024)
• Kamarajar Street: Rs 4,400 per sq.ft (2024)
• Kodha Medu: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Karaneeswarar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Karaneeswarar Koil Street?

The Sub Registrar Office that covers Karaneeswarar Koil Street is the Chennai South Joint II 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 more information.

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

The guideline value is a crucial factor during the registration of property transactions in Saidapet. It serves as a reference for determining the stamp duty and registration fees applicable to the property being bought or sold.

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

Frequently asked questions

What is the current guideline value of Karaneeswarar Koil Street?

The current guideline value of Karaneeswarar Koil 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 637 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 763% over the years.

What is the land classification of Karaneeswarar Koil Street?

Karaneeswarar Koil Street is classified as Residential Class I Type - II, which indicates its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For a plot of 1,000 sq.ft, these fees can total Rs 4,95,000.

Which Sub Registrar Office covers Karaneeswarar Koil Street?

The Chennai South Joint II Sub Registrar Office covers Karaneeswarar Koil Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.