Guideline Value for KALAIMAGAL NAGAR 1ST CROSS STREET

Kalaimagal Nagar 1st Cross Street guideline value

The current guideline value of Kalaimagal Nagar 1st Cross Street is Rs 6,610 per sq.ft, effective from 1 July 2024. This street is located in Ekkaduthangal village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Kalaimagal Nagar 1st Cross Street has changed

The guideline value for Kalaimagal Nagar 1st Cross Street has undergone several revisions over the years. In 2002, the guideline value was Rs 709 per sq.ft, which increased to Rs 818 per sq.ft in 2003, marking a 15% rise. This was followed by a 22% increase to Rs 1,000 per sq.ft in 2007. The value then saw a significant jump of 500% to Rs 6,000 per sq.ft in 2012. However, it decreased by 33% to Rs 4,020 per sq.ft in 2017. The guideline value then rose by 49% to Rs 6,000 per sq.ft in 2023, and finally increased by 10% to the current rate of Rs 6,610 per sq.ft in 2024. There are no figures available for the revisions in years not listed.

Overall, from 2002 to 2024, the guideline value has increased by 832%. Each revision reflects the changing economic landscape and property valuation in the area.

Guideline values in Ekkaduthangal

In Ekkaduthangal village, there are 190 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 3,080 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 4,620 per sq.ft, placing the 2024 figure for Kalaimagal Nagar 1st Cross Street above this median.

• Kalaimagal Nagar 1st Main Road: Rs 6,610 per sq.ft (2024)
• Kalaimagal Nagar 1st Street: Rs 6,610 per sq.ft (2024)
• Kalaimagal Nagar 2nd Cross Street: Rs 6,610 per sq.ft (2024)
• Kalaimagal Nagar 2nd Main Road: Rs 6,610 per sq.ft (2024)
• Kalaimagal Nagar 2nd Street: Rs 6,610 per sq.ft (2024)
• Kalaimagal Nagar 3rd Cross Street: Rs 6,610 per sq.ft (2024)

Stamp duty and registration fee for property in Kalaimagal Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,610 per sq.ft, the total guideline value would be Rs 66,10,000. The stamp duty at 7% would amount to Rs 4,62,700, and the registration fee at 2% would be Rs 1,32,200, making the total charges Rs 5,94,900. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kalaimagal Nagar 1st Cross Street?

The Sub Registrar Office that covers Kalaimagal Nagar 1st Cross Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Ekkaduthangal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is documented accurately and legally, reflecting the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Kalaimagal Nagar 1st Cross Street?

The current guideline value of Kalaimagal Nagar 1st Cross Street is Rs 6,610 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 709 per sq.ft in 2002 to Rs 6,610 per sq.ft in 2024, reflecting an overall increase of 832% over this period.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total charges would be Rs 5,94,900.

Which Sub Registrar Office is responsible for this street?

The Chennai South Joint I Sub Registrar Office is responsible for Kalaimagal Nagar 1st Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Kalaimagal Nagar 1st Cross Street?

The land classification for Kalaimagal Nagar 1st Cross Street is Commercial Class I Type - II, indicating its suitability for commercial activities.