Guideline Value for KARAMBAKKAM 2ND CROSS STREET

Karambakkam 2nd Cross Street guideline value

The current guideline value of Karambakkam 2nd 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 2nd Cross Street has changed

The guideline value for Karambakkam 2nd Cross Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,030 per sq.ft, which is an increase from Rs 2,750 per sq.ft in 2023, marking a 10% rise. Prior to that, in 2017, the value was Rs 1,842 per sq.ft, which indicates a significant increase of 49% over the six years leading up to 2023. The 2012 revision also recorded a value of Rs 2,750 per sq.ft, showing a decrease of 33% from the 2017 figure.

Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street.

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 guideline value for these streets is Rs 1,930 per sq.ft, placing Karambakkam 2nd Cross Street's 2024 figure above that median.

• Karambakkam 1st Street: Rs 3,030 per sq.ft (2024)
• Karambakkam 4 Square Junction: Rs 3,030 per sq.ft (2024)
• Karambakkam 1st Main Road: Rs 3,030 per sq.ft (2024)
• Karambakkam Bramin Street: Rs 2,480 per sq.ft (2024)
• Karambakkam 1st Cross Street: Rs 3,030 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 2nd 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, bringing the total to Rs 2,72,700. 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 Karambakkam 2nd Cross Street?

The Sub Registrar Office that covers Karambakkam 2nd 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 serves as the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the buyer and seller must consider the guideline value to determine the applicable fees. If the sale price is higher than the guideline value, the duty will be calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of Karambakkam 2nd Cross Street?

The current guideline value of Karambakkam 2nd Cross Street is Rs 3,030 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has increased from Rs 2,750 per sq.ft in 2012 to Rs 3,030 per sq.ft in 2024, marking an overall increase of 10%. The most significant change occurred between 2017 and 2023, where the value rose by 49%.

What is the stamp duty rate for properties in Karambakkam?

The stamp duty rate for properties in Karambakkam is 7%. This is charged on the higher of the guideline value or the sale price of the property.

Where can I find the Sub Registrar Office for Karambakkam?

The Sub Registrar Office for Karambakkam 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.

What is the land classification for Karambakkam 2nd Cross Street?

The land classification for Karambakkam 2nd Cross Street is Residential Class I Type - I, indicating its suitability for residential development.