Guideline Value for Kattabomman Street

Kattabomman Street guideline value

The current guideline value of Kattabomman Street is Rs 660 per sq.ft, effective from 1 July 2024. This street is located in Grandlyon village, which falls under the Redhills SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Kattabomman Street has changed

Over the years, the guideline value of Kattabomman Street has seen several revisions. The earliest recorded figure is from 2007, where the guideline value was Rs 300 per sq.ft. This value increased significantly to Rs 600 per sq.ft in 2012, marking a 100% rise. However, in 2017, the value dropped to Rs 402 per sq.ft, a decrease of 33%. The next revision in 2023 saw an increase to Rs 600 per sq.ft, followed by the current value of Rs 660 per sq.ft from the 2024 revision, which is a 10% increase from the previous year. Notably, the register has no figures for the years 2002 and 2003 for this street.

In summary, from 2007 to 2024, the overall increase in the guideline value is 120%. The changes between the revisions highlight fluctuations in the property values, with the most significant increase occurring between 2007 and 2012 and the most recent increase from 2023 to 2024.

Guideline values in Grandlyon

In Grandlyon village, there are 82 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 440 to Rs 1,500 per sq.ft. The median guideline value for these streets is Rs 660 per sq.ft, which is equal to the current guideline value of Kattabomman Street. This positioning indicates that Kattabomman Street is aligned with the median value of the area.

• Kavery Nagar: Rs 440 per sq.ft (2024)
• Karpagam Nagar Annex: Rs 880 per sq.ft (2024)
• Karpagam Nagar: Rs 880 per sq.ft (2024)
• Karikal Cholan Salai: Rs 660 per sq.ft (2024)
• Karalmarks Nagar: Rs 660 per sq.ft (2024)
• Kandasamy Nagar: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Kattabomman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, while the registration fee at 2% would be Rs 13,200. Together, the total cost for stamp duty and registration would be Rs 59,400. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kattabomman Street?

The Sub Registrar Office that covers Kattabomman Street is the Redhills Sub Registrar Office. The address is Sub Registrar Office, Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your specific SRO, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Grandlyon. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both parties are aware of the financial implications involved in the transaction.

Moreover, the guideline value helps maintain transparency in property transactions. It ensures that buyers and sellers have a clear understanding of the property's worth based on government assessments, thus facilitating smoother processes during registration at the Redhills SRO.

Frequently asked questions

What is the current guideline value of Kattabomman Street?

The current guideline value of Kattabomman Street is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, reflecting an overall increase of 120% over the years.

What are the stamp duty and registration fees for properties on Kattabomman Street?

For a 1,000 sq.ft property at the current guideline value, the stamp duty would be Rs 46,200 and the registration fee would be Rs 13,200, totaling Rs 59,400.

Which office handles registrations for Kattabomman Street?

The Redhills Sub Registrar Office handles registrations for Kattabomman Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification for Kattabomman Street?

The land classification for Kattabomman Street is Residential Class II Type - I, indicating its suitability for residential development.