Guideline Value for KARPAGAM AVENUE 2ND STREET

Karpagam Avenue 2nd Street guideline value

The current guideline value of Karpagam Avenue 2nd 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 2nd Street has changed

The guideline value for Karpagam Avenue 2nd Street has seen several revisions over the years. In 2002, the value was Rs 1,377 per sq.ft, which increased to Rs 1,530 per sq.ft in 2003. Following this, the value rose slightly to Rs 1,540 per sq.ft in 2007. A significant jump occurred in 2012, where the value was Rs 15,000 per sq.ft, but it then decreased to Rs 10,050 per sq.ft in 2017. The value increased substantially to Rs 15,000 per sq.ft in 2023, before reaching the current value of Rs 16,500 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,098%. The revisions for 2012 to 2017 reflect a decrease of 33%, while the increase from 2017 to 2023 was 49%. There are no figures available for the revisions in years other than those mentioned.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value in this area is Rs 8,800 per sq.ft, placing Karpagam Avenue 2nd Street's 2024 figure above this median.

• Karpagam Avenue 1st Street: Rs 16,500 per sq.ft (2024)
• Karpagam Avenue 3rd Street: Rs 16,500 per sq.ft (2024)
• Karpagam Avenue: 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 16,500 per sq.ft, the total guideline value would be Rs 1,65,00,000. The stamp duty at 7% would amount to Rs 11,55,000, while the registration fee at 2% would be Rs 3,30,000, bringing the total cost to 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.

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

Which Sub Registrar Office covers Karpagam Avenue 2nd Street?

Karpagam Avenue 2nd Street falls under 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 when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, as these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value for Karpagam Avenue 2nd Street?

The current guideline value for Karpagam Avenue 2nd 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 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 are the stamp duty and registration fees for properties in Karpagam Avenue 2nd Street?

For a property valued at Rs 1,65,00,000, the stamp duty would be Rs 11,55,000 and the registration fee would be Rs 3,30,000, totaling Rs 14,85,000.

Which Sub Registrar Office covers Karpagam Avenue 2nd Street?

The Mylapore Sub Registrar Office covers Karpagam Avenue 2nd Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors including land classification and location. It is regularly revised to reflect changes in the real estate market.