Guideline Value for Karnan Street

Karnan Street guideline value

The current guideline value of Karnan Street in Konnur village, under the Konnur SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Karnan Street has changed

The guideline value for Karnan Street has undergone several revisions over the years. In 2002, the value was Rs 203 per sq.ft, which increased to Rs 220 per sq.ft in 2003. The value saw a significant rise to Rs 700 per sq.ft in 2007, followed by a drop to Rs 3,500 per sq.ft in 2012. In 2017, the value was Rs 2,345 per sq.ft, and it further increased to Rs 3,500 per sq.ft in 2023. The latest revision in 2024 has set the value at Rs 3,800 per sq.ft, marking a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1772%. The changes between the revisions include a 49% increase from 2017 to 2023 and a 400% rise from 2007 to 2012. The register has no figure for the years not mentioned above.

Guideline values in Konnur

In Konnur, there are 249 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 7,100 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, which aligns with the current guideline value of Karnan Street.

• Kathuvan Kuttai (Valluvar Nagar): Rs 3,800 per sq.ft (2024)
• Kattabomman Street: Rs 3,800 per sq.ft (2024)
• Kammankinaru Street: Rs 3,800 per sq.ft (2024)
• Kambar Street: Rs 6,000 per sq.ft (2024)
• Kambar Nagar Extension & Street: Rs 6,000 per sq.ft (2024)
• Kambar Nagar and the Streets & Cross Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Karnan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total fees together to Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Karnan Street?

The Sub Registrar Office that covers Karnan Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Konnur. It serves as a benchmark for determining the amount of stamp duty and registration fees that need to be paid when a property is sold or purchased. Buyers and sellers must be aware of the current guideline value to ensure accurate financial planning.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Karnan Street?

The current guideline value of Karnan Street is Rs 3,800 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 203 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024. The most notable change was a 400% increase from 2007 to 2012.

What is the land classification for Karnan Street?

The land classification for Karnan Street is Residential Class II Type - I.

Where can I find the Konnur Sub Registrar Office?

The Konnur Sub Registrar Office is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is stamp duty calculated for properties in Konnur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 38,00,000, the stamp duty would be calculated at 7% of that amount.