Guideline Value for KAMARAJ 1ST STREET

Kamaraj 1st Street guideline value

The current guideline value of Kamaraj 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Kamaraj 1st Street has changed

The guideline value for Kamaraj 1st Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft. This value remained until 2017, when it decreased to Rs 1,340 per sq.ft. Following this, the value increased to Rs 2,000 per sq.ft in 2023 and further rose to Rs 2,200 per sq.ft in 2024. The changes between these revisions are notable: from 2012 to 2017, there was a decrease of 33%, while from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that for the years 2002, 2003, and 2007, the register has no figure for Kamaraj 1st Street. The 2024 revision reflects a significant change, aligning with the median guideline value for the area.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is equal to the current guideline value of Kamaraj 1st Street.

• Kamaraj Cross Street: Rs 2,200 per sq.ft (2024)
• Kamaraj Garden: Rs 2,750 per sq.ft (2024)
• Kalkuttai Water Tank Street: Rs 2,200 per sq.ft (2024)
• Kamaraj Nagar: Rs 2,750 per sq.ft (2024)
• Kamaraj Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Kamaraj Nagar 2nd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kamaraj 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kamaraj 1st Street?

The Sub Registrar Office that covers Kamaraj 1st 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. To find your SRO, you can find your SRO.

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 the benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements and to accurately calculate the associated costs.

Frequently asked questions

What is the current guideline value of Kamaraj 1st Street?

The current guideline value of Kamaraj 1st Street 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 changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024. The overall change from 2012 to 2024 is an increase of 10%.

What is the land classification for Kamaraj 1st Street?

Kamaraj 1st Street is classified as Residential Class I Type - I. This classification is important for determining the permissible uses of the land.

Where can I find the registration office for Kamaraj 1st Street?

The registration office for Kamaraj 1st 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.

How is stamp duty calculated for properties in Kamaraj 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.