Guideline Value for KARALMARKS NAGAR

Karalmarks Nagar guideline value

The current guideline value of Karalmarks Nagar is Rs 660 per sq.ft, effective from 1 July 2024. This area is located in Grandlyon village under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Karalmarks Nagar has changed

The guideline value for Karalmarks Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 600 per sq.ft, which then decreased to Rs 402 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 600 per sq.ft in the 2023 revision, and finally, the current value is Rs 660 per sq.ft from the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value rose by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Grandlyon

In Grandlyon village, there are 82 streets under the Redhills SRO that carry a 2024 guideline value, which ranges from Rs 440 to Rs 1,500 per sq.ft. The median value is Rs 660 per sq.ft, placing Karalmarks Nagar's 2024 figure at this median.

• Karikal Cholan Salai: Rs 660 per sq.ft (2024)
• Karpagam Nagar: Rs 880 per sq.ft (2024)
• Karpagam Nagar Annex: Rs 880 per sq.ft (2024)
• Kandasamy Nagar: Rs 880 per sq.ft (2024)
• Kanaga Durga Nagar: Rs 440 per sq.ft (2024)
• Kattabomman Street: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Karalmarks Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, making the total fees Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Karalmarks Nagar?

The Sub Registrar Office that covers Karalmarks Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Grandlyon. It is used to determine the stamp duty and registration fees that buyers and sellers must pay when completing a property transaction. This value is established by the Registration Department and is revised periodically to reflect changes in the real estate market.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue based on the value of the transaction.

Frequently asked questions

What is the current guideline value of Karalmarks Nagar?

The current guideline value of Karalmarks Nagar is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2012 to Rs 402 per sq.ft in 2017, then to Rs 600 per sq.ft in 2023, and finally to Rs 660 per sq.ft in 2024.

What is the land classification of Karalmarks Nagar?

Karalmarks Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

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

The Sub Registrar Office for Karalmarks Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How are stamp duty and registration fees calculated in Karalmarks Nagar?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total fee of Rs 59,400.