Guideline Value for KARMEL STREET EXTN

Karmel Street Extn guideline value

The current guideline value of Karmel Street Extn is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village, under the Chennai South Joint I SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Karmel Street Extn has changed

The guideline value for Karmel Street Extn has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and further rose to Rs 1,320 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In summary, the changes in guideline value from 2012 to 2024 show an overall increase of 10%. The most notable increase occurred between the 2017 and 2023 revisions, where the value jumped by 49%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for Karmel Street Extn.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Karmel Street Extn's current value below this median.

• Karmel Street: Rs 1,320 per sq.ft (2024)
• Karmel Cross Street: Rs 1,320 per sq.ft (2024)
• Karumariamman Nagar: Rs 1,320 per sq.ft (2024)
• Karumariamman Nagar Extn: Rs 1,320 per sq.ft (2024)
• Karumariamman Main Road 1st Street: Rs 1,110 per sq.ft (2024)
• Karumarriamman Main Road 2nd Street: Rs 1,110 per sq.ft (2024)

Stamp duty and registration fee for property in Karmel Street Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, resulting in a total of Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Karmel Street Extn?

Karmel Street Extn falls under 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 more details.

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

The guideline value plays a crucial role during the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is used to assess the transaction value, and the stamp duty is calculated accordingly. This ensures that all property transactions are conducted fairly and transparently, in accordance with the established regulations.

Frequently asked questions

What is the current guideline value of Karmel Street Extn?

The current guideline value of Karmel Street Extn is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,320 per sq.ft in 2024, marking a 10% increase. It was Rs 804 per sq.ft in 2017 and Rs 1,200 per sq.ft in 2012.

What is the land classification of Karmel Street Extn?

Karmel Street Extn is classified as Residential Class IV Type - II, indicating its suitability for residential development.

Where can I find the registration office for Karmel Street Extn?

The registration office for Karmel Street Extn 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 stamp duty calculated for properties in Karmel Street Extn?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 92,400.