Guideline Value for KAMARAJ NAGAR 1ST STREET

Kamaraj Nagar 1st Street guideline value

The current guideline value for Kamaraj Nagar 1st Street is Rs 2,750 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 Commercial Class I Type - III.

How the guideline value of Kamaraj Nagar 1st Street has changed

The guideline value for Kamaraj Nagar 1st Street has seen several revisions over the years. The earliest revision available is from 2012, which set the value at Rs 2,500 per sq.ft. This figure was then revised to Rs 1,675 per sq.ft in 2017, marking a decrease of 33%. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and then to Rs 2,750 per sq.ft in 2024, reflecting a 10% rise from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Kamaraj Nagar 1st Street's 2024 figure above this median.

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

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

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost would be Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kamaraj Nagar 1st Street?

The Sub Registrar Office that covers Kamaraj Nagar 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. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Medavakkam. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official register.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. This value is periodically revised, reflecting changes in the real estate market and local regulations.

Frequently asked questions

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

The current guideline value of Kamaraj Nagar 1st Street 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 from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification of Kamaraj Nagar 1st Street?

The land classification for Kamaraj Nagar 1st Street is Commercial Class I Type - III.

What are the stamp duty and registration fees for properties on this street?

For a 1,000 sq.ft plot, the guideline value is Rs 27,50,000. The stamp duty at 7% is Rs 1,92,500, and the registration fee at 2% is Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for Kamaraj Nagar 1st Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Kamaraj Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.