Guideline Value for Karnam Street

Karnam Street guideline value

The current guideline value of Karnam Street is Rs 400 per sq.ft. This street is located in Arani village, under the Arani_Tiruvallur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Karnam Street has changed

Looking at the historical revisions, the guideline value for Karnam Street has seen several changes over the years. In the 2002 revision, the value was Rs 82 per sq.ft, which increased to Rs 92 per sq.ft in 2003. The value continued to rise significantly, reaching Rs 200 per sq.ft in 2007, and then doubling to Rs 400 per sq.ft in 2012. The 2017 revision saw a decrease to Rs 268 per sq.ft, followed by a return to Rs 400 per sq.ft in both the 2023 and 2024 revisions, with no change observed between these two years.

From 2017 to 2023, there was a notable increase of 49%. The changes from 2012 to 2017 reflected a decrease of 33%, while the jump from 2007 to 2012 was an increase of 100%. The rise from 2003 to 2007 was 117%, and from 2002 to 2003, the increase was 12%. Overall, from 2002 to 2024, the guideline value has increased by 388%.

Guideline values in Arani

In Arani village, there are 51 streets under the Arani_Tiruvallur SRO that have a 2024 guideline value ranging from Rs 200 to Rs 600 per sq.ft, with a median value of Rs 300 per sq.ft. Karnam Street's 2024 guideline value of Rs 400 per sq.ft is above this median.

• Kavarai Street: Rs 350 per sq.ft (2024)
• Kammalar Street: Rs 400 per sq.ft (2024)
• Kometti Street: Rs 200 per sq.ft (2024)
• Kallangi Street: Rs 400 per sq.ft (2024)
• Irukkam Veethi: Rs 400 per sq.ft (2024)
• Macha Veedi: Rs 350 per sq.ft (2024)

Stamp duty and registration fee for property in Karnam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, bringing the total cost for these fees to Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Karnam Street?

Karnam Street falls under the jurisdiction of the Arani_Tiruvallur Sub Registrar Office, located at No.10, S.p Kovil Street, Arani, Ponneri (Tk), Thiruvallur (Dt) - 601 101, Chennai registration zone.

To find your SRO, you can visit find your SRO.

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

When buying or selling property in Arani, the guideline value serves as a reference for determining the stamp duty and registration fees. It is essential for both buyers and sellers to be aware of the guideline value as it impacts the overall cost incurred during the registration process.

The guideline value is used to ensure that the transaction is recorded accurately and that the appropriate fees are collected. This helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Karnam Street?

The current guideline value of Karnam Street is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Karnam Street has changed from Rs 82 per sq.ft in 2002 to Rs 400 per sq.ft in 2024, reflecting an overall increase of 388% over the years.

What is the land classification of Karnam Street?

Karnam Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the other streets in Arani with their guideline values?

Other streets in Arani include Kavarai Street at Rs 350 per sq.ft, Kammalar Street at Rs 400 per sq.ft, Kometti Street at Rs 200 per sq.ft, Kallangi Street at Rs 400 per sq.ft, Irukkam Veethi at Rs 400 per sq.ft, and Macha Veedi at Rs 350 per sq.ft, all for the year 2024.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 400 per sq.ft, the total guideline value is Rs 4,00,000, leading to a stamp duty of Rs 28,000 and a registration fee of Rs 8,000.