Guideline Value for KARNATIC MILL COLONY

Karnatic Mill Colony guideline value

The current guideline value of Karnatic Mill Colony is Rs 4,300 per sq.ft, effective from 1 July 2024. This area is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class II Type - I.

How the guideline value of Karnatic Mill Colony has changed

The guideline value of Karnatic Mill Colony has undergone several revisions over the years. In 2003, the value was Rs 550 per sq.ft, which increased to Rs 700 per sq.ft in 2007. The value then saw a significant jump to Rs 4,000 per sq.ft in 2012, before dropping to Rs 2,680 per sq.ft in 2017. Following this, the value rose sharply to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,300 per sq.ft in the 2024 revision. The register has no figure for this street in 2002.

From 2017 to 2023, the guideline value increased by 49%. The 2023 to 2024 revision saw an increase of 8%. Notably, there was a remarkable increase of 471% from 2007 to 2012, and an overall increase of 682% from 2003 to 2024.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, placing Karnatic Mill Colony's 2024 figure above this median.

• Karimedu 5th Street: Rs 2,200 per sq.ft (2024)
• Karimedu 4th Street: Rs 2,200 per sq.ft (2024)
• Karimedu 3rd Street: Rs 2,200 per sq.ft (2024)
• Karimedu 2nd Street: Rs 2,200 per sq.ft (2024)
• Karimedu 1st Street: Rs 2,200 per sq.ft (2024)
• Karimedu: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Karnatic Mill Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 4,300 per sq.ft, the total guideline value amounts to Rs 43,00,000. The stamp duty at 7% would be Rs 3,01,000, while the registration fee at 2% would be Rs 86,000, bringing the total to Rs 3,87,000. It is important to note that 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 Karnatic Mill Colony?

The Sub Registrar Office that covers Karnatic Mill Colony is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Perambur, as it determines the amount of stamp duty and registration fees payable. Buyers must consider the guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value serves as a benchmark for the sale price, ensuring that the transaction is recorded accurately. This helps in maintaining transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Karnatic Mill Colony?

The current guideline value of Karnatic Mill Colony is Rs 4,300 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 550 per sq.ft in 2003 to Rs 4,300 per sq.ft in 2024. Notable revisions include an increase of 471% from 2007 to 2012 and a 49% increase from 2017 to 2023.

What is the stamp duty rate in Karnatic Mill Colony?

The stamp duty rate in Karnatic Mill Colony is 7% of the guideline value or sale price, whichever is higher. This rate applies to property transactions in the area.

Which office handles property registration in Karnatic Mill Colony?

The Purasaivakkam Sub Registrar Office handles property registration in Karnatic Mill Colony. It is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the median guideline value in Perambur?

The median guideline value in Perambur is Rs 2,700 per sq.ft. Karnatic Mill Colony's current guideline value is above this median.