Guideline Value for KONNARK TRUST LAND

Konnark Trust Land guideline value

The current guideline value of Konnark Trust Land is Rs 2,200 per sq.ft, effective from 1 July 2024. This land is located in Karapakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - II.

How the guideline value of Konnark Trust Land has changed

The guideline value for Konnark Trust Land has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the current 2024 revision has further increased it to Rs 2,200 per sq.ft.

Between these revisions, the changes are notable. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value rose by 49%. The increase from 2023 to 2024 is 10%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, placing Konnark Trust Land's 2024 figure above this median.

• Krishnappan Garden: Rs 1,700 per sq.ft (2024)
• K.C.G.College Road: Rs 2,200 per sq.ft (2024)
• Kcg College Land: Rs 2,200 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,700 per sq.ft (2024)
• Kanniappan Garden: Rs 1,700 per sq.ft (2024)
• Kannappan Garden: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Konnark Trust Land

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Konnark Trust Land?

The Konnark Trust Land falls under the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process for property transactions in Karapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from the transaction.

When buying or selling property, the guideline value will be used to calculate the stamp duty and registration fees. This means that both buyers and sellers should be aware of the current guideline value to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Konnark Trust Land?

The current guideline value of Konnark Trust Land is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and is currently Rs 2,200 per sq.ft in 2024.

What is the land classification for Konnark Trust Land?

Konnark Trust Land is classified as Residential Class II Type - II.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Konnark Trust Land?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000, leading to a stamp duty of Rs 1,54,000.