Guideline Value for Karunakaran Street

Karunakaran Street guideline value

The current guideline value of Karunakaran Street is Rs 3,850 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 - III.

How the guideline value of Karunakaran Street has changed

The guideline value for Karunakaran Street has seen several revisions over the years. Starting from the year 2002, the guideline value was Rs 248 per sq.ft. This increased to Rs 278 per sq.ft in 2003, marking a 12% rise. The value then surged significantly to Rs 1,500 per sq.ft in 2007, reflecting a 440% increase. In 2012, the value was Rs 3,500 per sq.ft, which was a 133% increase from the previous revision. However, it dropped to Rs 2,345 per sq.ft in 2017, showing a decrease of 33%. The value then rose again to Rs 3,500 per sq.ft in 2023, and finally, it reached the current rate of Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1452%. There are no figures available for revisions in years that are not listed.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, and Karunakaran Street's 2024 figure is below that median.

• Karunambigai Colony: Rs 4,400 per sq.ft (2024)
• Karunambigai Street: Rs 3,850 per sq.ft (2024)
• Karumariyamman Street: Rs 3,850 per sq.ft (2024)
• Karunanidhi Street: Rs 3,850 per sq.ft (2024)
• Karnam Street: Rs 4,400 per sq.ft (2024)
• Karikalan Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Karunakaran Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Karunakaran Street?

The Sub Registrar Office that covers Karunakaran Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

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

The guideline value is a critical factor during property transactions in Velachery. It serves as a benchmark for determining the minimum value of a property for registration purposes. When a property is sold, the buyer must pay stamp duty and registration fees based on the higher of the guideline value or the sale price.

Understanding the guideline value is essential for both buyers and sellers, as it influences the overall cost of the transaction. Buyers should be aware of the current guideline value to ensure they are making informed decisions during the purchasing process.

Frequently asked questions

What is the current guideline value of Karunakaran Street?

The current guideline value of Karunakaran Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 248 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1452% over the years.

What is the land classification for Karunakaran Street?

Karunakaran Street is classified as Residential Class II Type - III, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for properties in Karunakaran Street?

For a 1,000 sq.ft plot, the stamp duty is Rs 2,69,500, and the registration fee is Rs 77,000, totaling Rs 3,46,500 based on the current guideline value.

Where is the Sub Registrar Office for Karunakaran Street located?

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