Guideline Value for KARMEL STREET

Karmel Street guideline value

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

How the guideline value of Karmel Street has changed

The guideline value for Karmel Street has undergone several revisions over the years. Starting from Rs 58 per sq.ft in 2002, it increased to Rs 100 per sq.ft in 2003, marking a 72% rise. The value then surged by 300% to Rs 400 per sq.ft in 2007. Following this, in 2012, the value increased to Rs 1,200 per sq.ft, reflecting a substantial 200% jump. However, between 2017 and 2012, the value decreased to Rs 804 per sq.ft, a decline of 33%. The most recent revision in 2024 saw the value rise to Rs 1,320 per sq.ft, an increase of 64% from the previous figure.

There is no figure available for Karmel Street in the 2023 revision. Overall, from 2002 to 2024, the guideline value has increased by 2,176%.

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 in 2024. The median value for these streets is Rs 1,650 per sq.ft, indicating that Karmel Street's 2024 guideline value is below this median.

• Karmel Street Extn: 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)
• Karumarianmman 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

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, bringing the total to 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?

Karmel Street falls under the jurisdiction of 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 is a crucial factor when registering property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs involved in the transaction process. Buyers should be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Karmel Street?

The current guideline value of Karmel Street 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 increased significantly over the years, from Rs 58 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 2,176%.

What is the median guideline value in Pallikaranai?

The median guideline value for streets in Pallikaranai is Rs 1,650 per sq.ft, which is higher than the current value of Karmel Street.

What are the stamp duty and registration fees for Karmel Street?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which office handles registrations for Karmel Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Karmel Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.