Guideline Value for Karnam Street

Karnam Street guideline value

The current guideline value of Karnam Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Karnam Street has changed

The guideline value for Karnam Street has seen significant changes over the years. In 2002, the value was Rs 288 per sq.ft, which increased to Rs 323 per sq.ft in 2003, marking a 12% rise. The value then surged dramatically to Rs 1,800 per sq.ft in 2007, reflecting a 457% increase. Following this, the value rose to Rs 4,000 per sq.ft in 2012, showing a 122% increase. However, from 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, indicating a decline of 33%. The value then climbed to Rs 4,000 per sq.ft in 2023, and finally reached Rs 4,400 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value for Karnam Street has increased by 1,428%. There are no figures available for the revisions in years other than those specified.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the 2024 figure for Karnam Street.

• Karikalan Street: Rs 4,400 per sq.ft (2024)
• Kannigapuram 9th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 8th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 7th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 6th Street: Rs 3,850 per sq.ft (2024)
• Kannigapuram 5th Street: Rs 3,850 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while 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 or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Karnam Street?

The Sub Registrar Office covering Karnam Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Velachery. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property transactions.

Frequently asked questions

What is the current guideline value of Karnam Street?

The current guideline value of Karnam 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 significantly, starting from Rs 288 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, which is an overall increase of 1,428%.

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

Other streets in Velachery include Karikalan Street at Rs 4,400 per sq.ft, and several Kannigapuram streets, all at Rs 3,850 per sq.ft.

What is the stamp duty and registration fee for a property in Karnam Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 44,00,000, with a stamp duty of Rs 3,08,000 and a registration fee of Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for Karnam Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.