Guideline Value for Katchaleeswarar 3rd lane

Katchaleeswarar 3rd lane guideline value

The current guideline value of Katchaleeswarar 3rd lane is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village, under the Chennai North Joint I SRO, and is classified as Residential Class III Type - II.

How the guideline value of Katchaleeswarar 3rd lane has changed

Over the years, the guideline value for Katchaleeswarar 3rd lane has seen several revisions. The earliest recorded figure is from 2002, which was Rs 998 per sq.ft. This increased to Rs 1,135 per sq.ft in 2003, marking a 14% rise. The value then continued to increase, reaching Rs 1,500 per sq.ft in 2007, a 32% increase from the previous revision. In 2012, the value was Rs 3,500 per sq.ft, reflecting a significant 133% increase from 2007. However, it decreased by 33% to Rs 2,345 per sq.ft in 2017. The value saw a substantial rise to Rs 3,500 per sq.ft in 2023, followed by a further increase to Rs 3,800 per sq.ft in 2024, which is a 9% change from the previous year.

The overall change from the 2002 revision to the 2024 revision is an increase of 281%. The register has no figures for the years between 2012 and 2017 for this street.

Guideline values in Muthialpet

The guideline values for properties in Muthialpet vary significantly, with 160 streets under the Chennai North Joint I SRO carrying a 2024 figure ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, placing Katchaleeswarar 3rd lane's 2024 figure below this median.

• Katchaleeswarar 2nd lane: Rs 3,800 per sq.ft (2024)
• Katchaleeswarar Agraharam street: Rs 4,900 per sq.ft (2024)
• Katchaleeswarar 1st lane: Rs 3,800 per sq.ft (2024)
• Katchaleeswarar Garden street: Rs 4,900 per sq.ft (2024)
• Katchaleeswarar Koil street: Rs 4,900 per sq.ft (2024)
• Katchaleeswarar Pagoda lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Katchaleeswarar 3rd lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total to Rs 3,42,000. 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 details.

Which Sub Registrar Office covers Katchaleeswarar 3rd lane?

The Katchaleeswarar 3rd lane is covered by the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. For more information, you can find your SRO.

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

The guideline value is a critical factor in the registration of property transactions in Muthialpet. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property. The guideline value is set by the local authorities and is subject to periodic revisions based on various factors.

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 registration process is transparent and that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Katchaleeswarar 3rd lane?

The current guideline value of Katchaleeswarar 3rd lane 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 several times, with the most recent increase being from Rs 3,500 per sq.ft in 2023 to Rs 3,800 per sq.ft in 2024, a 9% increase. The overall change from 2002 to 2024 is an increase of 281%.

What are the stamp duty and registration fees for properties in Katchaleeswarar 3rd lane?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000. The duty is charged on the higher of the guideline value or the sale price.

Which office handles the registration for Katchaleeswarar 3rd lane?

The Chennai North Joint I Sub Registrar Office handles the registration for Katchaleeswarar 3rd lane, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

What is the land classification for Katchaleeswarar 3rd lane?

Katchaleeswarar 3rd lane is classified as Residential Class III Type - II, indicating its designation for residential use under the local land classification guidelines.