Guideline Value for Kribith Street 1st Street

Kribith Street 1st Street guideline value

The current guideline value of Kribith Street 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Issa Pallavaram village, under the Pallavaram SRO, and is classified as Residential Class I Type - II.

How the guideline value of Kribith Street 1st Street has changed

The guideline value for Kribith Street 1st Street has seen several revisions over the years. In 2003, the guideline value was Rs 164 per sq.ft. This increased significantly to Rs 500 per sq.ft in 2007, marking a rise of 205%. The value then jumped to Rs 3,000 per sq.ft in 2012, reflecting a substantial increase of 500%. However, in 2017, the value decreased to Rs 2,010 per sq.ft, showing a decline of 33%. The guideline value rose again to Rs 3,000 per sq.ft in 2023, and the most recent revision in 2024 set it at Rs 3,300 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1,912%. It is important to note that the register has no figure for this street for the year 2002.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is the same as the 2024 figure for Kribith Street 1st Street.

• Kribith Street: Rs 3,300 per sq.ft (2024)
• Kribith Street 2nd Street: Rs 3,300 per sq.ft (2024)
• KRIBITH 4TH CROSS Street: Rs 3,300 per sq.ft (2024)
• Kribith Street 3rd Street: Rs 3,300 per sq.ft (2024)
• Kribith Street 4th Street: Rs 3,300 per sq.ft (2024)
• Kribith Street 5th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Kribith Street 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kribith Street 1st Street?

The Sub Registrar Office that covers Kribith Street 1st Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Issa Pallavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kribith Street 1st Street?

The current guideline value of Kribith Street 1st Street is Rs 3,300 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 164 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1,912% over the years.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers this area?

The Pallavaram Sub Registrar Office covers Kribith Street 1st Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification for Kribith Street 1st Street?

Kribith Street 1st Street is classified as Residential Class I Type - II, indicating its suitability for residential development.