Guideline Value for KARPAGAM AVENUE 1ST STREET

Karpagam Avenue 1st Street guideline value

The current guideline value of Karpagam Avenue 1st Street is Rs 16,500 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 I Type - I.

How the guideline value of Karpagam Avenue 1st Street has changed

The guideline value for Karpagam Avenue 1st Street has undergone several revisions since 2002. The 2002 revision recorded a guideline value of Rs 1,377 per sq.ft, which increased to Rs 1,530 per sq.ft in 2003, reflecting an increase of 11%. The value saw a slight rise to Rs 1,540 per sq.ft in 2007, marking a change of 1%. Subsequently, there was a significant jump to Rs 15,000 per sq.ft in 2012, which was a remarkable increase of 874%. However, the 2017 revision saw a decrease to Rs 10,050 per sq.ft, a decline of 33%. The value then rose to Rs 15,000 per sq.ft in 2023, showing a 49% increase. The latest revision in 2024 has set the value at Rs 16,500 per sq.ft, representing a 10% increase from the previous year.

There are no figures available for the years not listed in the revisions above. The overall change from 2002 to 2024 reflects an increase of 1,098% in the guideline value.

Guideline values in Mylapore

The 2024 guideline values for Mylapore range from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. Karpagam Avenue 1st Street's guideline value is above this median, indicating its higher valuation within the village.

• Karpagam Avenue: Rs 16,500 per sq.ft (2024)
• Karpagam Avenue 2nd Street: Rs 16,500 per sq.ft (2024)
• Karpagam Avenue 3rd Street: Rs 16,500 per sq.ft (2024)
• Karpagam Avenue 4th Street: Rs 16,500 per sq.ft (2024)
• Karpagam Avenue (Sai Nagar): Rs 16,500 per sq.ft (2024)
• Karpagambal Main Road: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Karpagam Avenue 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 16,500 per sq.ft, the total guideline value amounts to Rs 1,65,00,000. The stamp duty at 7% would be Rs 11,55,000, and the registration fee at 2% would be Rs 3,30,000, together totaling Rs 14,85,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Karpagam Avenue 1st Street?

The Karpagam Avenue 1st Street falls under the jurisdiction of 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 plays a crucial role in the registration process of property transactions in Mylapore. It is the basis for calculating stamp duty and registration fees, which are mandatory for any property transfer. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When purchasing property, the guideline value is used to determine the minimum value at which the property can be registered. This ensures that the government receives the appropriate revenue from property transactions, and it helps in maintaining transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Karpagam Avenue 1st Street?

The current guideline value of Karpagam Avenue 1st Street is Rs 16,500 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 1,377 per sq.ft in 2002 to Rs 16,500 per sq.ft in 2024, reflecting an overall increase of 1,098% over the years.

What is the stamp duty rate for properties in Karpagam Avenue 1st Street?

The stamp duty rate for properties in Karpagam Avenue 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Which office do I need to visit for property registration in Karpagam Avenue 1st Street?

The Mylapore Sub Registrar Office is responsible for property registration in Karpagam Avenue 1st Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the registration fee for properties in Karpagam Avenue 1st Street?

The registration fee for properties in Karpagam Avenue 1st Street is 2% of the guideline value or the sale price, whichever is higher.