Guideline Value for Middle Street

Middle Street guideline value

The current guideline value of Middle Street in Kannampalayam village is Rs 765 per sq.ft, effective from 1 July 2024. This area falls under the Kunrathur SRO and is classified as Residential Class I Type - III.

How the guideline value of Middle Street has changed

In the 2007 revision, the guideline value was Rs 150 per sq.ft, which saw a significant increase to Rs 700 per sq.ft in 2012. However, this value dropped to Rs 469 per sq.ft in the 2017 revision, marking a decrease of 33%. The subsequent revisions show a rise, with the value increasing to Rs 700 per sq.ft in 2023 and then to Rs 765 per sq.ft in 2024, reflecting a 9% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 410%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kannampalayam

Kannampalayam village has a total of 75 streets under the Kunrathur SRO, with guideline values ranging from Rs 765 to Rs 4,000 per sq.ft as of 2024. The median guideline value for these streets is Rs 1,375 per sq.ft, making the guideline value of Middle Street below the median.

• Mahalakshmi Nagar Phase-I: Rs 3,080 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,320 per sq.ft (2024)
• Neela Ganapathi Garden: Rs 1,375 per sq.ft (2024)
• Lingam Nagar: Rs 3,300 per sq.ft (2024)
• Lakshmi Town: Rs 2,310 per sq.ft (2024)
• Lakshmi Nagar: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Middle Street

For a 1,000 sq.ft plot at the current guideline value of Rs 765 per sq.ft, the total guideline value amounts to Rs 7,65,000. The stamp duty at 7% would be Rs 53,550, and the registration fee at 2% would be Rs 15,300, bringing the total cost for these fees to Rs 68,850. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Middle Street?

The Sub Registrar Office that covers Middle Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Kannampalayam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value affects the stamp duty and registration fees that need to be paid. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, which can significantly impact the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Middle Street?

The current guideline value of Middle Street is Rs 765 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 150 per sq.ft in 2007 to Rs 765 per sq.ft in 2024, representing an overall increase of 410% over the years.

What are the stamp duty and registration fees for properties in Middle Street?

The stamp duty for properties in Middle Street is 7%, and the registration fee is 2%. For a property valued at Rs 7,65,000, the total fees would amount to Rs 68,850.

Which office handles property registrations for Middle Street?

The Kunrathur Sub Registrar Office handles property registrations for Middle Street, located at No.59, Road Street, Kundrathur, Chennai -600 069.

Are there other streets in Kannampalayam with different guideline values?

Yes, Kannampalayam has several other streets with varying guideline values, ranging from Rs 765 to Rs 4,000 per sq.ft as of 2024. Some streets have values significantly higher than that of Middle Street.