Guideline Value for Devi Karumariamman Nagar

Devi Karumariamman Nagar guideline value

The current guideline value of Devi Karumariamman Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Kolapakkam village under the Pammal SRO and is classified as Residential Class II Type - I.

How the guideline value of Devi Karumariamman Nagar has changed

The guideline value for Devi Karumariamman Nagar has undergone several revisions over the years. The most recent revision in 2024 sets the value at Rs 2,200 per sq.ft, an increase from Rs 2,000 per sq.ft in 2023, reflecting a 10% rise. Prior to that, the value was Rs 1,340 per sq.ft in 2017, marking a significant increase of 49% over the six-year period. There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. The consistent rise in values indicates changes in the local real estate landscape, although specific factors contributing to these changes are not detailed in the register.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 6,850 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current value for Devi Karumariamman Nagar.

• Dharmaraja koil Street (ward 4): Rs 2,200 per sq.ft (2024)
• Chozhan Nagar: Rs 2,200 per sq.ft (2024)
• Essra Nagar: Rs 3,290 per sq.ft (2024)
• B.T. Nagar (ward 5): Rs 2,750 per sq.ft (2024)
• B.T. Nagar (ward 4): Rs 2,750 per sq.ft (2024)
• Ganapathy Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Devi Karumariamman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty is calculated at 7%, resulting in Rs 1,54,000, while the registration fee at 2% amounts to Rs 44,000. Thus, the total cost for stamp duty and registration fees would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Devi Karumariamman Nagar?

The Sub Registrar Office that covers Devi Karumariamman Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is in line with the prevailing rates in the area.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for the legal transfer of ownership. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations during the transaction process.

Frequently asked questions

What is the current guideline value of Devi Karumariamman Nagar?

The current guideline value of Devi Karumariamman Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% over the seven-year period.

What are the stamp duty and registration fees for properties in Devi Karumariamman Nagar?

For a property valued at Rs 22,00,000, the stamp duty is Rs 1,54,000 and the registration fee is Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers this area?

The Pammal Sub Registrar Office covers Devi Karumariamman Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the land classification for Devi Karumariamman Nagar?

Devi Karumariamman Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.