Guideline Value for KARANEEWARAR KOIL 2ND LANE

Karaneewarar Koil 2nd Lane guideline value

The current guideline value of Karaneewarar Koil 2nd Lane is Rs 9,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class III Type - II.

How the guideline value of Karaneewarar Koil 2nd Lane has changed

Over the years, the guideline value for Karaneewarar Koil 2nd Lane has seen several revisions. The earliest available figure is from 2012, where the guideline value was Rs 8,500 per sq.ft. This was followed by a decrease to Rs 5,695 per sq.ft in 2017, marking a 33% reduction. However, the value rebounded significantly to Rs 8,500 per sq.ft in 2023, and then increased to the current rate of Rs 9,300 per sq.ft in 2024, reflecting a 9% rise.

From 2017 to 2023, there was a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 9%. The register has no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Karaneewarar Koil 2nd Lane's current figure above this median.

• Karaneewarar Koil 3rd Lane: Rs 9,300 per sq.ft (2024)
• Karaneeswarar Koil 1st Lane: Rs 9,300 per sq.ft (2024)
• Kannilal Street: Rs 4,900 per sq.ft (2024)
• Kannikoil Pallam: Rs 3,300 per sq.ft (2024)
• Kannikoil Medu: Rs 3,300 per sq.ft (2024)
• Kannikoil Hut Area: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Karaneewarar Koil 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 9,300 per sq.ft, the total guideline value amounts to Rs 93,00,000. The stamp duty at 7% would be Rs 6,51,000, and the registration fee at 2% would be Rs 1,86,000, making the total fees together Rs 8,37,000. 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 Karaneewarar Koil 2nd Lane?

The Sub Registrar Office covering Karaneewarar Koil 2nd Lane is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Mylapore. It serves as a benchmark for determining the minimum value of a property during registration. Buyers and sellers must be aware of this value as it directly influences the stamp duty and registration fees applicable to the transaction.

When a property is bought or sold, the guideline value is assessed to ensure that the transaction is recorded accurately. This ensures compliance with local regulations, and the fees are calculated based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Karaneewarar Koil 2nd Lane?

The current guideline value of Karaneewarar Koil 2nd Lane is Rs 9,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 8,500 per sq.ft in 2012 to Rs 5,695 per sq.ft in 2017, then increased to Rs 8,500 per sq.ft in 2023, and finally to Rs 9,300 per sq.ft in 2024.

What is the land classification for Karaneewarar Koil 2nd Lane?

Karaneewarar Koil 2nd Lane is classified as Residential Class III Type - II.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value results in total fees of Rs 8,37,000.