Guideline Value for KALAINGAR NAGAR

Kalaingar Nagar guideline value

The current guideline value of Kalaingar Nagar is Rs 1,870 per sq.ft, effective from 1 July 2024. This area is located in Medavakkam village, under the Chennai South Joint I SRO, and is classified as Residential Class III Type - I.

How the guideline value of Kalaingar Nagar has changed

Over the years, the guideline value of Kalaingar Nagar has seen several revisions. The 2012 revision set the value at Rs 1,700 per sq.ft, which then decreased to Rs 1,139 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,700 per sq.ft, and the latest revision in 2024 has raised it to Rs 1,870 per sq.ft. It is important to note that the register has no figure for this street for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The overall change from 2012 to 2024 reflects a 10% increase.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Kalaingar Nagar is below this median.

• Kakkan Street: Rs 1,870 per sq.ft (2024)
• Kalkuttai Water Tank Street: Rs 2,200 per sq.ft (2024)
• Kamaraj 1st Street: Rs 2,200 per sq.ft (2024)
• Kamaraj Cross Street: Rs 2,200 per sq.ft (2024)
• Kamaraj Garden: Rs 2,750 per sq.ft (2024)
• J K Avenue: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kalaingar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, while the registration fee at 2% would be Rs 37,400, bringing the total to Rs 1,68,300. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kalaingar Nagar?

Kalaingar Nagar falls under 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 Medavakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the value of the property, which in turn affects the stamp duty and registration fees that need to be paid.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government collects appropriate revenue from property transactions, reflecting the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Kalaingar Nagar?

The current guideline value of Kalaingar Nagar is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2012 to Rs 1,139 per sq.ft in 2017, then increased to Rs 1,700 per sq.ft in 2023, and finally to Rs 1,870 per sq.ft in 2024.

What is the median guideline value in Medavakkam?

The median guideline value in Medavakkam is Rs 2,200 per sq.ft, with the values for different streets ranging from Rs 1,540 to Rs 7,500 per sq.ft.

What are the stamp duty and registration fees for property in Kalaingar Nagar?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 1,68,300, calculated based on the guideline value of Rs 18,70,000.

Where can I find the Sub Registrar Office for Kalaingar Nagar?

The Sub Registrar Office covering Kalaingar Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.