Guideline Value for Kareem Mohideen Saheb 7th Street

Kareem Mohideen Saheb 7th Street guideline value

The current guideline value of Kareem Mohideen Saheb 7th Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village under the Triplicane SRO, classified as Residential Class II Type - I.

How the guideline value of Kareem Mohideen Saheb 7th Street has changed

The guideline value for Kareem Mohideen Saheb 7th Street has undergone several revisions over the years. The 2007 revision recorded a value of Rs 945 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in the 2012 revision, marking a remarkable increase of 429%. However, in the 2017 revision, the value decreased to Rs 3,350 per sq.ft, reflecting a decline of 33%. Following this, the 2023 revision saw a substantial increase to Rs 5,000 per sq.ft, and the most recent 2024 revision set the current value at Rs 5,500 per sq.ft, representing a rise of 10% from the previous year.

Overall, from the 2007 revision to the 2024 revision, there has been a significant increase of 482%. It is important to note that the register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a 2024 guideline value ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, placing Kareem Mohideen Saheb 7th Street's current value below this median.

• Kareem Mohideen Saheb 6th Street: Rs 5,500 per sq.ft (2024)
• Kareem Mohideen Saheb 8th Street: Rs 5,500 per sq.ft (2024)
• Kareem Mohideen Saheb 5th Street: Rs 5,500 per sq.ft (2024)
• Kareem Mohideen Saheb 4th Street: Rs 5,500 per sq.ft (2024)
• Kareem Mohideen Saheb Street: Rs 5,500 per sq.ft (2024)
• Kareem Mohideen Saheb 3rd Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Kareem Mohideen Saheb 7th Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kareem Mohideen Saheb 7th Street?

The Sub Registrar Office that covers Kareem Mohideen Saheb 7th Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Triplicane. It is used to determine the amount of stamp duty and registration fees that must be paid, ensuring that these costs are based on a standardized value set by the authorities.

When a property is sold, the buyer and seller must consider the guideline value to ensure compliance with legal requirements. This value helps in maintaining transparency in property transactions and ensures that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Kareem Mohideen Saheb 7th Street?

The current guideline value of Kareem Mohideen Saheb 7th Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly over the years, with the most recent increase being from Rs 5,000 per sq.ft in 2023 to Rs 5,500 per sq.ft in 2024, a rise of 10%. Overall, from 2007 to 2024, the increase is 482%.

What is the land classification of Kareem Mohideen Saheb 7th Street?

Kareem Mohideen Saheb 7th Street is classified as Residential Class II Type - I, which indicates its intended use for residential purposes.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 4,95,000.

Which office handles the registration for Kareem Mohideen Saheb 7th Street?

The Triplicane Sub Registrar Office handles the registration for Kareem Mohideen Saheb 7th Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.