Guideline Value for KARPAGAM AVENUE

Karpagam Avenue guideline value

The current guideline value of Karpagam Avenue, located in Mylapore village under the Mylapore SRO, is Rs 16,500 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Karpagam Avenue has changed

The guideline value of Karpagam Avenue has seen significant changes over the years. In 2002, the value was Rs 1,377 per sq.ft. It increased to Rs 1,800 per sq.ft in 2003, marking a 31% rise. The value then saw a substantial increase to Rs 3,201 per sq.ft in 2007, which was a 78% jump. Following this, the value surged to Rs 15,000 per sq.ft in 2012, reflecting a remarkable 369% increase. However, it decreased to Rs 10,050 per sq.ft in 2017, a decline of 33%. The value then rose to Rs 15,000 per sq.ft in 2023, and finally, it reached Rs 16,500 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,098%. There are no figures available for Karpagam Avenue for the years not mentioned in the revisions.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, and the median value is Rs 8,800 per sq.ft. The guideline value of Karpagam Avenue for 2024 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 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

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, and 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 guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Karpagam Avenue?

The Karpagam Avenue 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 is a crucial factor in the registration of property transactions. It serves as a benchmark for determining the minimum value at which a property can be sold or bought. When registering a property, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher.

This ensures that the government receives appropriate revenue from property transactions. Therefore, understanding the guideline value is essential for anyone looking to buy or sell property in Mylapore.

Frequently asked questions

What is the current guideline value of Karpagam Avenue?

The current guideline value of Karpagam Avenue 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 land classification for Karpagam Avenue?

Karpagam Avenue is classified under Residential Class I Type - I land classification.

Where can I find the Sub Registrar Office for Karpagam Avenue?

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

How is the stamp duty calculated for properties in Karpagam Avenue?

Stamp duty for properties in Karpagam Avenue is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% of the guideline value.