Guideline Value for KING STREET

King Street guideline value

The current guideline value of King Street, located in Cantonment Pallavaram village under the Pallavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of King Street has changed

The guideline value for King Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 1,340 per sq.ft. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,200 per sq.ft.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024. From 2017 to 2023, it saw a significant increase of 49%. However, there was a decrease of 33% from 2012 to 2017. Overall, comparing the figures from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Cantonment Pallavaram

Cantonment Pallavaram comprises 81 streets under the Pallavaram SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, placing King Street's guideline value below this median.

• Kayalar Street: Rs 2,200 per sq.ft (2024)
• Kayalar Lane: Rs 3,300 per sq.ft (2024)
• Kasim Sahib Street: Rs 2,200 per sq.ft (2024)
• Kulathu Medu: Rs 2,200 per sq.ft (2024)
• Kumaran Lane (STREET): Rs 2,700 per sq.ft (2024)
• Kumaran Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in King Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers King Street?

The Sub Registrar Office that covers King Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Cantonment Pallavaram. It serves as the basis for calculating stamp duty and registration fees, ensuring that these charges are appropriately levied based on the property's assessed value.

When engaging in a transaction, it is essential to be aware that the guideline value can influence the overall costs associated with property registration. Buyers and sellers should always verify the current guideline value to ensure compliance with local regulations and to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of King Street?

The current guideline value of King Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for King Street has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for King Street?

King Street is classified as Residential Class III Type - I, which indicates its designation for residential use within the area.

Where can I find the Sub Registrar Office for King Street?

The Sub Registrar Office for King Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044. This office handles property registrations for the area.

How is stamp duty calculated for properties in King Street?

Stamp duty for properties in King Street is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.