Guideline Value for KATTABOMMAN STREET

Kattabomman Street guideline value

The current guideline value of Kattabomman Street is Rs 3,300 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 V Type - III.

How the guideline value of Kattabomman Street has changed

The guideline value for Kattabomman Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 590 per sq.ft, which increased to Rs 671 per sq.ft in 2003. The next available revision in 2012 recorded a guideline value of Rs 3,000 per sq.ft, marking a significant increase of 347% from 2003. However, this value decreased by 33% to Rs 2,010 per sq.ft in the 2017 revision.

In the subsequent revisions, the guideline value rose to Rs 3,000 per sq.ft in 2023, and then to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 459%. Notably, there is no figure available for Kattabomman Street in the 2007 revision.

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. The median guideline value for these streets is Rs 8,800 per sq.ft, indicating that Kattabomman Street's 2024 figure is below this median.

• Kattukoil: Rs 3,300 per sq.ft (2024)
• Kasthuri Avenue: Rs 17,600 per sq.ft (2024)
• Kasim Sahib Street: Rs 3,300 per sq.ft (2024)
• Kennady 1st Street: Rs 8,800 per sq.ft (2024)
• Kennedy 2nd Street: Rs 8,800 per sq.ft (2024)
• Kesavaperumal Koil Sannadi South / Arisikkaran Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Kattabomman 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. Together, the total cost for these fees would be Rs 2,97,000. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Kattabomman Street?

Kattabomman Street falls under the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To find your nearest SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property transactions 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 a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the fees are based on a standardized valuation, protecting both the buyer and the seller from potential undervaluation of the property.

Frequently asked questions

What is the current guideline value for Kattabomman Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 590 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting a total increase of 459% over this period.

What are the stamp duty and registration fees for a property on Kattabomman Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles registrations for Kattabomman Street?

The Mylapore Sub Registrar Office handles registrations for Kattabomman Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum value for property registration, affecting the stamp duty and registration fees. It ensures compliance with local regulations during property transactions in Mylapore.