Guideline Value for KUTPAT PALLAM 2ND STREET

Kutpat Pallam 2nd Street guideline value

The current guideline value of Kutpat Pallam 2nd Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Kutpat Pallam 2nd Street has changed

The guideline value for Kutpat Pallam 2nd Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,100 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012. However, there was a decrease to Rs 2,345 per sq.ft in the 2017 revision. The value then rose to Rs 3,500 per sq.ft in 2023, and currently stands at Rs 3,800 per sq.ft as of the 2024 revision. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%, while the jump from 2023 to 2024 was 9%. The change from 2012 to 2017 saw a decrease of 33%, and the increase from 2007 to 2012 was a significant 218%. Overall, from 2007 to 2024, the guideline value has increased by 245%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value in this area is Rs 5,500 per sq.ft, placing the 2024 figure for Kutpat Pallam 2nd Street below this median.

• Kutpat Pallam 1st Street: Rs 4,400 per sq.ft (2024)
• Kutpat Pallam: Rs 4,400 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty, charged at 7%, would be Rs 2,66,000, and the registration fee, at 2%, would be Rs 76,000. Together, the total cost for stamp duty and registration would be Rs 3,42,000. It is important to note that 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 Kutpat Pallam 2nd Street?

The Sub Registrar Office that covers Kutpat Pallam 2nd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Purasaivakkam. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Kutpat Pallam 2nd Street?

The current guideline value of Kutpat Pallam 2nd Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,100 per sq.ft in 2007 to Rs 3,800 per sq.ft in 2024, marking an overall increase of 245% over this period.

What is the land classification of Kutpat Pallam 2nd Street?

Kutpat Pallam 2nd Street is classified as Residential Class IV Type - II.

Where can I find the Purasaivakkam Sub Registrar Office?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Kutpat Pallam 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 at the current rate of 7%.