Guideline Value for KARAMBAKKAM 1ST CROSS STREET

Karambakkam 1st Cross Street guideline value

The current guideline value of Karambakkam 1st Cross Street is Rs 3,030 per sq.ft, effective from 1 July 2024. This street is located in Karambakkam 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 Karambakkam 1st Cross Street has changed

The guideline value for Karambakkam 1st Cross Street has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 264 per sq.ft. This increased to Rs 304 per sq.ft in 2003, followed by a significant rise to Rs 800 per sq.ft in 2007. The value then saw a substantial increase to Rs 2,750 per sq.ft in the 2012 revision. However, it dropped to Rs 1,842 per sq.ft in 2017 before rising again to Rs 2,750 per sq.ft in 2023. The latest revision in 2024 has set the guideline value at Rs 3,030 per sq.ft.

Looking at the changes between these revisions, the guideline value increased by 15% from 2002 to 2003, followed by a remarkable 163% increase from 2003 to 2007. The value then surged by 244% from 2007 to 2012, but saw a decline of 33% from 2012 to 2017. From 2017 to 2023, it increased by 49%, and finally, there was a 10% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1,048%.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 1,930 per sq.ft, placing Karambakkam 1st Cross Street above this median.

• Karambakkam 1st Main Road: Rs 3,030 per sq.ft (2024)
• Karambakkam 1st Street: Rs 3,030 per sq.ft (2024)
• Karambakkam 2nd Cross Street: Rs 3,030 per sq.ft (2024)
• Karambakkam 4 Square Junction: Rs 3,030 per sq.ft (2024)
• Karambakkam Bramin Street: Rs 2,480 per sq.ft (2024)
• Kanthasami Nagar Kantha Kannan Street: Rs 1,930 per sq.ft (2024)

Stamp duty and registration fee for property in Karambakkam 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,030 per sq.ft, the total guideline value would be Rs 30,30,000. The stamp duty at 7% would be Rs 2,12,100, and the registration fee at 2% would be Rs 60,600, totaling Rs 2,72,700. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Karambakkam 1st Cross Street?

The Sub Registrar Office that covers Karambakkam 1st Cross 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 Karambakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Karambakkam. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price of the property.

Understanding the guideline value is essential for both buyers and sellers as it ensures that the property is registered at a value that is recognized by the state authorities. This helps in maintaining transparency in property transactions.

Frequently asked questions

What is the current guideline value of Karambakkam 1st Cross Street?

The current guideline value of Karambakkam 1st Cross Street is Rs 3,030 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 264 per sq.ft in 2002 to Rs 3,030 per sq.ft in 2024, reflecting an overall increase of 1,048% over the years.

What is the land classification for Karambakkam 1st Cross Street?

The land classification for Karambakkam 1st Cross Street is Residential Class I Type - I.

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers Karambakkam 1st Cross Street, 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 Karambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 30,30,000, the stamp duty would be Rs 2,12,100 at 7%.