Guideline Value for Kondithoppu Street

Kondithoppu Street guideline value

The current guideline value of Kondithoppu Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Residential Class II Type - I.

How the guideline value of Kondithoppu Street has changed

The guideline value for Kondithoppu Street has undergone several revisions over the years. In 2003, the value was Rs 821 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007. Following this, there was a significant rise to Rs 3,500 per sq.ft in 2012, but it then dropped to Rs 2,345 per sq.ft in 2017. The value saw a substantial increase again, reaching Rs 3,500 per sq.ft in 2023, and finally, it is set to be Rs 3,800 per sq.ft from 2024. Notably, there is no figure available for the year 2002 in the register.

Between the revisions, the changes were as follows: from 2003 to 2007, there was an increase of 22%, followed by a remarkable 250% jump from 2007 to 2012. However, the value decreased by 33% from 2012 to 2017. A significant increase of 49% occurred from 2017 to 2023, and from 2023 to 2024, the value rose by 9%. Overall, from 2003 to 2024, the guideline value has increased by 363%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Kondithoppu Street's 2024 figure below that median.

• Kondala Aiyer Street: Rs 4,400 per sq.ft (2024)
• Korsa Sahib Lane: Rs 4,400 per sq.ft (2024)
• Korsa Sahib Street: Rs 4,400 per sq.ft (2024)
• Krishna Aiyer Street: Rs 6,000 per sq.ft (2024)
• Krishnappa Maistry Street: Rs 4,400 per sq.ft (2024)
• Krishnappa Naicken Agraharam Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Kondithoppu Street

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, while the registration fee at 2% would be Rs 76,000, bringing the total to Rs 3,42,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Kondithoppu Street?

The Sub Registrar Office that covers Kondithoppu Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Muthiyalpet. 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 at a fair value.

When you proceed with a property transaction, the guideline value will be used to calculate the applicable stamp duty and registration fees, which are essential costs to consider. This ensures compliance with local regulations and helps in the smooth processing of property registration.

Frequently asked questions

What is the current guideline value of Kondithoppu Street?

The current guideline value of Kondithoppu Street 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 significantly from Rs 821 per sq.ft in 2003 to Rs 3,800 per sq.ft in 2024, showing an overall increase of 363% over this period.

What is the land classification for Kondithoppu Street?

Kondithoppu Street is classified as Residential Class II Type - I, indicating its use for residential purposes.

Where can I find the Sub Registrar Office for Kondithoppu Street?

The Sub Registrar Office covering Kondithoppu Street is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is the stamp duty calculated for properties in Kondithoppu Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 38,00,000, the stamp duty would be calculated at 7% of this amount.