Guideline Value for KARAMBAKKAM 1ST STREET

Karambakkam 1st Street guideline value

The current guideline value of Karambakkam 1st 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 Street has changed

Over the years, the guideline value of Karambakkam 1st Street has seen several revisions. The 2012 revision recorded a value of Rs 2,750 per sq.ft, which then decreased to Rs 1,842 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,750 per sq.ft in 2023, and then to Rs 3,030 per sq.ft in 2024. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2017 to 2023, there was a notable increase of 49%, while the change from 2023 to 2024 reflects a 10% rise. Overall, comparing the years 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Karambakkam

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

• Karambakkam 1st Main Road: Rs 3,030 per sq.ft (2024)
• Karambakkam 2nd Cross Street: Rs 3,030 per sq.ft (2024)
• Karambakkam 1st 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 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 amount to Rs 2,12,100, and the registration fee at 2% would be Rs 60,600, bringing the total to 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 to estimate your costs.

Which Sub Registrar Office covers Karambakkam 1st Street?

The Sub Registrar Office that covers Karambakkam 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 details.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Karambakkam. It serves as a benchmark for determining the minimum value of the property for registration purposes, ensuring that the transaction is recorded at a fair value.

When registering a property, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

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

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

How much has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 2,750 per sq.ft to Rs 3,030 per sq.ft in 2024, reflecting an overall increase of 10% over this period.

What is the registration office for Karambakkam 1st Street?

The registration office for Karambakkam 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 the stamp duty calculated for properties in Karambakkam?

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

Are there other streets in Karambakkam with the same guideline value?

Yes, several other streets in Karambakkam have the same guideline value of Rs 3,030 per sq.ft for 2024, including Karambakkam 1st Main Road, Karambakkam 2nd Cross Street, Karambakkam 1st Cross Street, and Karambakkam 4 Square Junction.