Guideline Value for KARNAN LANE

Karnan Lane guideline value

The current guideline value of Karnan Lane in Puliyur village, under the Kodambakkam SRO, is Rs 5,000 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Karnan Lane has changed

The guideline value for Karnan Lane has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 561 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in 2007, followed by a substantial jump to Rs 4,600 per sq.ft in 2012. However, between 2012 and 2017, the value decreased to Rs 3,082 per sq.ft. The 2023 revision set the value at Rs 4,600 per sq.ft, and the latest revision in 2024 has raised it to Rs 5,000 per sq.ft.

In terms of percentage changes, from 2003 to 2007, the value increased by 114%. The jump from 2007 to 2012 was 283%, but there was a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and finally, there was a 9% increase from 2023 to 2024. The overall increase from 2003 to 2024 is 791%. The register has no figure for Karnan Lane for the year 2002.

Guideline values in Puliyur

In Puliyur village, there are 648 streets under the Kodambakkam SRO, with guideline values ranging from Rs 3,300 to Rs 14,300 per sq.ft as of 2024. The median guideline value for these streets is Rs 5,800 per sq.ft, placing Karnan Lane's 2024 guideline value below this median.

• Karnan Street: Rs 6,300 per sq.ft (2024)
• Kanthappan Colony: Rs 5,000 per sq.ft (2024)
• Kanniappan Street (Choolaimedu): Rs 4,400 per sq.ft (2024)
• Karumari Amman Koil Street: Rs 5,000 per sq.ft (2024)
• Kannappa Street (Behind Ambika Empire): Rs 6,300 per sq.ft (2024)
• Kasthuri Bai Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Karnan Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty at 7% would amount to Rs 3,50,000, while the registration fee at 2% would be Rs 1,00,000, bringing the total fees to Rs 4,50,000. 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 Karnan Lane?

The Sub Registrar Office that covers Karnan Lane is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Puliyur. It is used to determine the stamp duty and registration fees that need to be paid when registering a property. Buyers and sellers must ensure that the sale price is at least equal to the guideline value to avoid any discrepancies during registration.

When a property is sold, the guideline value serves as a benchmark for taxation purposes. It ensures that the government collects appropriate revenue from property transactions, reflecting the value of the property in the market. Therefore, understanding the guideline value is essential for anyone looking to buy or sell property in Puliyur.

Frequently asked questions

What is the current guideline value of Karnan Lane?

The current guideline value of Karnan Lane is Rs 5,000 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 561 per sq.ft in 2003 to Rs 5,000 per sq.ft in 2024. There have been various increases and decreases in the intervening years.

What is the land classification for Karnan Lane?

Karnan Lane is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where is the Kodambakkam Sub Registrar Office located?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is stamp duty calculated for properties in Karnan Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 50,00,000, the stamp duty would be Rs 3,50,000 at 7%.