Guideline Value for Kondi street

Kondi street guideline value

The current guideline value of Kondi street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Kondi street has changed

The guideline value for Kondi street has seen several revisions over the years. In the 2007 revision, the value was Rs 2,600 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012. However, in the 2017 revision, it dropped to Rs 4,690 per sq.ft, before rising again to Rs 7,000 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 7,700 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 196%. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value of Kondi street is above this median.

• Krishnan Koil street: Rs 7,100 per sq.ft (2024)
• Krishnasamy pagoda street@Kabaleeswarar street+: Rs 5,500 per sq.ft (2024)
• Kiranar street: Rs 5,500 per sq.ft (2024)
• Katchaleeswarar Pagoda street: Rs 4,900 per sq.ft (2024)
• Katchaleeswarar Pagoda lane: Rs 4,900 per sq.ft (2024)
• Katchaleeswarar Koil street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Kondi street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, leading to a total of Rs 6,93,000. It is important to note that the 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 Kondi street?

Kondi street is covered by the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Muthialpet. It serves as a benchmark for determining the minimum value at which a property can be sold or bought, ensuring that the transaction is recorded accurately in the official register.

When a buyer or seller approaches the registration office, the guideline value is used to calculate applicable fees, such as stamp duty and registration fees. This ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of Kondi street?

The current guideline value of Kondi street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,600 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 196% over the years.

What is the land classification of Kondi street?

Kondi street is classified as Residential Class I Type - I, indicating its designation for residential purposes.

Where can I find the Chennai North Joint I SRO?

The Chennai North Joint I SRO is located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.

How is the stamp duty calculated for properties in Kondi street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a plot of 1,000 sq.ft at the current rate, the total stamp duty would be Rs 5,39,000.