Guideline Value for KARUNIKAR STREET

Karunikar Street guideline value

The current guideline value of Karunikar Street in Thiruvottiyur village, under the Thiruvottiyur SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is classified as Residential Special Type - I.

How the guideline value of Karunikar Street has changed

The guideline value for Karunikar Street has seen several revisions over the years. In 2002, the guideline value was Rs 383 per sq.ft, which increased to Rs 451 per sq.ft in 2003, marking an 18% rise. The value then jumped significantly to Rs 900 per sq.ft in 2007, reflecting a 100% increase. Following this, the value rose to Rs 3,000 per sq.ft in 2012, a substantial increase of 233%.

In the subsequent years, the guideline value experienced a decline, dropping to Rs 2,010 per sq.ft in 2017, which was a decrease of 33%. However, the value rebounded to Rs 3,000 per sq.ft in 2023, and then further increased to the current value of Rs 3,300 per sq.ft in 2024, marking a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 762%.

Guideline values in Thiruvottiyur

In Thiruvottiyur, there are 177 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 8,600 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is equal to the current guideline value of Karunikar Street.

• Kattuponniamman Nagar(Ponniamman Nagar): Rs 1,500 per sq.ft (2024)
• Kavari Nagar: Rs 3,300 per sq.ft (2024)
• Karunikar Street(Kannkar Street): Rs 3,300 per sq.ft (2024)
• Kg Shree Prem Vihar: Rs 4,500 per sq.ft (2024)
• Kannakkar Street: Rs 3,300 per sq.ft (2024)
• Kanakkar Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Karunikar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Karunikar Street?

The Sub Registrar Office that covers Karunikar Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Thiruvottiyur. It serves as a benchmark for determining the minimum price at which a property can be registered. When a buyer and seller agree on a sale price, the higher of the two values—either the agreed sale price or the guideline value—is used for calculating stamp duty and registration fees.

During the registration process, it is essential to provide accurate details regarding the property to ensure that the correct guideline value is applied. This helps in avoiding any discrepancies that may arise during the registration of the property.

Frequently asked questions

What is the current guideline value of Karunikar Street?

The current guideline value of Karunikar Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value for Karunikar Street has changed from Rs 383 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 762%.

What is the land classification of Karunikar Street?

Karunikar Street is classified as Residential Special Type - I, indicating its designated use for residential purposes.

Where can I find the registration office for Karunikar Street?

The registration office for Karunikar Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in Karunikar Street?

Stamp duty for properties in Karunikar Street is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.