Guideline Value for Karaiyar Koil Street

Karaiyar Koil Street guideline value

The current guideline value of Karaiyar Koil Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Karaiyar Koil Street has changed

The guideline value for Karaiyar Koil Street has undergone several revisions over the years. In 2002, the value was Rs 579 per sq.ft, which increased to Rs 724 per sq.ft in 2003, marking a 25% rise. The value then saw a significant increase to Rs 1,100 per sq.ft in 2007, which represented a 52% change. Following this, the value jumped to Rs 2,500 per sq.ft in 2012, showing a 127% increase. However, it dropped to Rs 1,675 per sq.ft in 2017, reflecting a decrease of 33%. The guideline value then rose to Rs 2,500 per sq.ft in 2023, a 49% increase, and finally reached Rs 2,750 per sq.ft in 2024, a 10% increase.

There are no figures available for the revisions between the years not listed. The overall change from 2002 to 2024 shows an increase of 375% in the guideline value per sq.ft.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Karaiyar Koil Street's 2024 figure below that median.

• Karpaga Vinayagar Koil Street: Rs 2,750 per sq.ft (2024)
• Kannan Street: Rs 3,850 per sq.ft (2024)
• Kannagi Street: Rs 3,300 per sq.ft (2024)
• Kasi Vishwanathar Street: Rs 3,300 per sq.ft (2024)
• Kambar Street: Rs 3,300 per sq.ft (2024)
• Kesava Perumal Koil Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Karaiyar Koil Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Karaiyar Koil Street?

The Sub Registrar Office that covers Karaiyar Koil Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Parangimalai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value as it affects the overall cost of the transaction. Buyers should ensure that the sale price is at least equal to the guideline value to avoid issues during registration.

Frequently asked questions

What is the current guideline value of Karaiyar Koil Street?

The current guideline value of Karaiyar Koil Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 579 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, which is an overall increase of 375%.

What is the stamp duty rate for properties in Karaiyar Koil Street?

The stamp duty rate for properties in Karaiyar Koil Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Karaiyar Koil Street?

The Sub Registrar Office for Karaiyar Koil Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the guideline value used in property transactions?

The guideline value is used as a minimum benchmark for property registration. It ensures that the appropriate stamp duty and registration fees are collected based on the value of the property being transacted.