Guideline Value for Karnam Street

Karnam Street guideline value

The current guideline value of Karnam Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Karnam Street has changed

Over the years, the guideline value of Karnam Street has seen significant changes. In the 2007 revision, the value was Rs 450 per sq.ft. This increased dramatically to Rs 2,200 per sq.ft in the 2012 revision, marking a 389% rise. However, in the 2017 revision, the value decreased to Rs 1,474 per sq.ft, a decline of 33%. The value then rose to Rs 2,200 per sq.ft in the 2023 revision, followed by a further increase to Rs 2,400 per sq.ft in the 2024 revision, representing a 9% increase.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 433%. The register does not have figures for Karnam Street for the years 2002 and 2003.

Guideline values in Selaiyur

Selaiyur village has a total of 478 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,500 per sq.ft. The median guideline value in the village is Rs 2,200 per sq.ft, placing Karnam Street's current value above this median.

• Karnam Street Ext: Rs 2,400 per sq.ft (2024)
• Karpagam Nagar: Rs 4,750 per sq.ft (2024)
• Karpagam Nagar 1st Street: Rs 4,750 per sq.ft (2024)
• Karpagam Nagar 2nd Street: Rs 4,750 per sq.ft (2024)
• Karpagam Nagar 3rd Street: Rs 4,750 per sq.ft (2024)
• Karpaga Vinayakar Koil Street: Rs 1,600 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 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, while the registration fee at 2% would be Rs 48,000. Together, the total cost for these fees would be Rs 2,16,000. It is important to note that the 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 details.

Which Sub Registrar Office covers Karnam Street?

The Sub Registrar Office that covers Karnam Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Selaiyur, as it determines the minimum price at which a property can be registered. This value is used by the registration department to assess the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Karnam Street?

The current guideline value of Karnam Street is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 450 per sq.ft in 2007 to Rs 2,400 per sq.ft in 2024, marking an overall increase of 433% over this period.

What is the land classification for Karnam Street?

Karnam Street is classified as Residential Special Type - II, indicating its suitability for residential purposes.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2% on the same basis.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.