Guideline Value for Kutty Street

Kutty Street guideline value

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

How the guideline value of Kutty Street has changed

The guideline value for Kutty Street has seen several revisions over the years. In 2007, the value was Rs 2,000 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012, marking a rise of 250%. However, from 2012 to 2017, the value decreased to Rs 4,690 per sq.ft, a drop of 33%. The value then rose again to Rs 7,000 per sq.ft in 2023, a substantial increase of 49% from the previous revision. The latest revision in 2024 set the value at Rs 7,700 per sq.ft, reflecting a 10% increase from 2023.

It is important to note that there are no figures available for Kutty Street in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by 285%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Kutty Street's 2024 figure below that median.

• Kushkumar Road: Rs 8,800 per sq.ft (2024)
• Lady Madhavan Road: Rs 9,900 per sq.ft (2024)
• Lake Area 1st Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 2nd Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 3rd Cross Street: Rs 8,800 per sq.ft (2024)
• Lake Area 4th Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Kutty 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 is charged at 7%, totaling Rs 5,39,000, while the registration fee is 2%, amounting to Rs 1,54,000. Together, the total cost for stamp duty and registration fee would be Rs 6,93,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kutty Street?

Kutty Street is covered by the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to a property sale.

When buying or selling property, the guideline value ensures that the transaction is recorded at a value that reflects the official assessment of the property's worth. This helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of Kutty Street?

The current guideline value of Kutty 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 2,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 285% over the years.

What is the land classification for Kutty Street?

Kutty Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property on Kutty Street?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000, and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which office handles registrations for Kutty Street?

The registrations for Kutty Street are handled by the Chennai Central Joint II Sub Registrar Office, located in Alwarpet, Chennai.