Guideline Value for KUTPAT PALLAM 1ST STREET

Kutpat Pallam 1st Street guideline value

The current guideline value of Kutpat Pallam 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Kutpat Pallam 1st Street has changed

The guideline value for Kutpat Pallam 1st Street has seen several revisions over the years. In 2007, the value was Rs 1,100 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 2,680 per sq.ft in 2017. The 2023 revision set the value at Rs 4,000 per sq.ft, and the latest revision in 2024 has raised it to Rs 4,400 per sq.ft.

Between the revisions, the changes are notable. From 2007 to 2012, there was an increase of 355%. However, from 2012 to 2017, the value dropped by 46%. The value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. The overall change from 2007 to 2024 reflects a 300% increase.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, making the guideline value of Rs 4,400 per sq.ft for Kutpat Pallam 1st Street below the median.

• Kutpat Pallam: Rs 4,400 per sq.ft (2024)
• Kutpat Pallam 2nd Street: Rs 3,800 per sq.ft (2024)
• Kuttiappan 1st Street: Rs 5,500 per sq.ft (2024)
• Kuttiappan 2nd Street: Rs 5,500 per sq.ft (2024)
• Kuttiappan 3rd Street: Rs 5,500 per sq.ft (2024)
• Kuttiappan Lane: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Kutpat Pallam 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 more details on your specific property.

Which Sub Registrar Office covers Kutpat Pallam 1st Street?

The Sub Registrar Office covering Kutpat Pallam 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value is a critical factor during the registration of property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the transaction, based on the established rates.

Frequently asked questions

What is the current guideline value of Kutpat Pallam 1st Street?

The current guideline value of Kutpat Pallam 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 300% over this period.

What is the land classification for Kutpat Pallam 1st Street?

Kutpat Pallam 1st Street is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Kutpat Pallam 1st Street is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, a property with a guideline value of Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.