Guideline Value for MIDDLE STREET

Middle Street guideline value

The current guideline value of Middle Street in Karapakkam village, under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - III land classification.

How the guideline value of Middle Street has changed

The guideline value for Middle Street has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 300 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in the 2012 revision. However, there was a decrease to Rs 1,005 per sq.ft in the 2017 revision. The guideline value then rose to Rs 1,500 per sq.ft in the 2023 revision, and finally, it reached Rs 1,700 per sq.ft in the 2024 revision.

Looking at the percentage changes, the value increased by 400% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then rose by 49% from 2017 to 2023. The most recent increase from 2023 to 2024 is 13%. Overall, from 2007 to 2024, the guideline value has increased by 467%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Karapakkam

In Karapakkam, there are 185 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median guideline value for these streets is Rs 1,700 per sq.ft, which is equal to the current value for Middle Street.

• MIDDLE 2nd CROSS STREET: Rs 1,700 per sq.ft (2024)
• MIDDLE 1st CROSS STREET: Rs 1,700 per sq.ft (2024)
• M.G.R.Street: Rs 2,200 per sq.ft (2024)
• M/S Fisher Echo Mas India Ltd.,: Rs 2,200 per sq.ft (2024)
• M/S Pure Metalic: Rs 2,200 per sq.ft (2024)
• Mayana Salai: Rs 1,000 per sq.ft (2024)

Stamp duty and registration fee for property in Middle Street

For a 1,000 sq.ft plot at the current rate of Rs 1,700 per sq.ft, the guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, totaling Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Middle Street?

The Sub Registrar Office that covers Middle Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Karapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transfer of property ownership.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in the real estate market. Buyers and sellers must be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Middle Street?

The current guideline value of Middle Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 467% over this period.

What are the other streets in Karapakkam with similar guideline values?

Other streets in Karapakkam with a guideline value of Rs 1,700 per sq.ft include MIDDLE 2nd CROSS STREET and MIDDLE 1st CROSS STREET.

What is the stamp duty rate for properties in Middle Street?

The stamp duty rate for properties in Middle Street is 7% of the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Middle Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.