Guideline Value for KARPAGAM AVENUE 3RD STREET

Karpagam Avenue 3rd Street guideline value

The current guideline value of Karpagam Avenue 3rd 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 3rd Street has changed

The guideline value for Karpagam Avenue 3rd Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 1,377 per sq.ft. It increased to Rs 1,530 per sq.ft in 2003, marking an 11% rise. The value then saw a minimal increase to Rs 1,540 per sq.ft in 2007, which was just a 1% change. A significant jump occurred in the 2012 revision, where it remained at Rs 15,000 per sq.ft, reflecting an 874% increase from 2007. The value did not change from 2012 to 2023, remaining at Rs 15,000 per sq.ft. In the latest 2024 revision, the guideline value increased by 10% to Rs 16,500 per sq.ft.

It is important to note that the register has no figure for Karpagam Avenue 3rd Street for the 2017 revision. Overall, from 2002 to 2024, the guideline value has increased by 1098%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO carrying a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. Karpagam Avenue 3rd Street's 2024 figure of Rs 16,500 per sq.ft is above this median.

• Karpagam Avenue 1st Street: Rs 16,500 per sq.ft (2024)
• Karpagam Avenue 2nd 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)
• Karpagam Avenue: 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 3rd 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, totaling Rs 14,85,000. It is important to note that 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 Karpagam Avenue 3rd Street?

Karpagam Avenue 3rd 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 when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware that the duty is calculated based on the higher of the guideline value or the sale price, ensuring that the correct fees are paid during the registration process.

Understanding the guideline value is essential for property transactions, as it affects the overall cost of buying or selling real estate in the area. It is advisable for potential buyers and sellers to stay informed about the latest revisions to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of Karpagam Avenue 3rd Street?

The current guideline value of Karpagam Avenue 3rd 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 1098% over the years.

What is the role of the Mylapore SRO?

The Mylapore SRO is responsible for maintaining the guideline value register and overseeing property registrations in Mylapore village, including Karpagam Avenue 3rd Street.

What are the stamp duty and registration fees for properties in this area?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, a 1,000 sq.ft plot at the current rate incurs a total of Rs 14,85,000 in fees.

How can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the designated link provided for this purpose, which will help you locate the appropriate office based on your property’s location.