Guideline Value for Karnan Street

Karnan Street guideline value

The current guideline value of Karnan Street in Mugappair village is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Konnur SRO and is classified as Residential Class I Type - I.

How the guideline value of Karnan Street has changed

The guideline value for Karnan Street has seen several revisions over the years. In 2002, the value was Rs 322 per sq.ft, which increased to Rs 354 per sq.ft in 2003. Following this, the value rose significantly to Rs 1,200 per sq.ft in 2007. The 2012 revision saw a slight decrease to Rs 5,000 per sq.ft, but it rebounded to Rs 3,350 per sq.ft in 2017. The value then increased to Rs 5,000 per sq.ft in 2023, culminating in the current value of Rs 5,500 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1608%. Each revision reflects the changes in the market and the locality’s development, with no figures available for other revisions in between these years.

Guideline values in Mugappair

Mugappair village has a total of 224 streets under the Konnur SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, which places Karnan Street's 2024 figure below this median.

• Kanniappan Street: Rs 7,100 per sq.ft (2024)
• Kannathamman Koil Street: Rs 7,100 per sq.ft (2024)
• Karunanithi Nagar: Rs 3,800 per sq.ft (2024)
• Kannammal Street: Rs 7,100 per sq.ft (2024)
• Kannadhasan Salai: Rs 5,500 per sq.ft (2024)
• Kambar Salai: Rs 8,800 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 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty is charged at 7%, which totals Rs 3,85,000, and the registration fee is 2%, amounting to Rs 1,10,000. Together, these fees total Rs 4,95,000. It is important 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 Karnan Street?

Karnan Street is covered by the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Mugappair. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration regulations.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. It is essential for both parties to be aware of this value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Karnan Street?

The current guideline value of Karnan 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 from Rs 322 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1608% over this period.

What are the stamp duty rates for properties in Karnan Street?

The stamp duty for properties in Karnan Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Konnur Sub Registrar Office located?

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

What other streets in Mugappair have guideline values?

Other streets in Mugappair include Kanniappan Street and Kannathamman Koil Street, both at Rs 7,100 per sq.ft, and Karunanithi Nagar at Rs 3,800 per sq.ft, among others.