Guideline Value for KAMARAJ GARDEN

Kamaraj Garden guideline value

The current guideline value of Kamaraj Garden, located in Medavakkam village under the Chennai South Joint I SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - III.

How the guideline value of Kamaraj Garden has changed

The guideline value for Kamaraj Garden has seen several revisions over the years. In 2002, the value was Rs 91 per sq.ft, which increased to Rs 106 per sq.ft in 2003, marking a 16% increase. The value then rose significantly to Rs 300 per sq.ft in 2007, reflecting a 183% change. In 2012, the guideline value was Rs 2,500 per sq.ft, indicating a substantial increase of 733% from the previous revision.

Following this, the value decreased to Rs 1,675 per sq.ft in 2017, a drop of 33%. The most recent revisions show an increase to Rs 2,500 per sq.ft in 2023, followed by a further rise to Rs 2,750 per sq.ft in 2024, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 2922%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, where the median value is Rs 2,200 per sq.ft. The guideline value for Kamaraj Garden is above this median.

• Kamaraj Cross 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)
• Kamaraj Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Kamaraj Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kamaraj Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total fees together Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Kamaraj Garden?

The Kamaraj Garden area 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, Chennai registration zone.

To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used by the registration authorities to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, thus safeguarding the interests of both the buyer and the seller. It is essential for buyers and sellers to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Kamaraj Garden?

The current guideline value of Kamaraj Garden is Rs 2,750 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 91 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 2922%.

What is the classification of land in Kamaraj Garden?

Kamaraj Garden is classified as Commercial Class I Type - III under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for property in Kamaraj Garden?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 27,50,000, the total fees would be Rs 2,47,500.

Where can I find more information about my Sub Registrar Office?

You can find more information about your Sub Registrar Office by visiting the find your SRO page.