Guideline Value for KAREEM NAGAR 2ND STREET

Kareem Nagar 2nd Street guideline value

The current guideline value of Kareem Nagar 2nd Street is Rs 2,200 per sq.ft. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Kareem Nagar 2nd Street has changed

The guideline value for Kareem Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 196 per sq.ft. This value increased to Rs 219 per sq.ft in 2003, marking a 12% rise. In 2007, the guideline value saw a significant jump to Rs 700 per sq.ft, which is an increase of 220%. The value remained at Rs 700 per sq.ft until 2012 when it rose to Rs 2,000 per sq.ft, reflecting an increase of 186%.

In 2017, the guideline value was revised to Rs 1,340 per sq.ft, which was a decrease of 33%. The next revision in 2023 set the value at Rs 2,000 per sq.ft, followed by the current value of Rs 2,200 per sq.ft effective from 1 July 2024, marking a 10% increase from the previous year. The register has no figure for this street for the years not mentioned.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values for 2024 ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value in this village is Rs 3,300 per sq.ft, placing the current value of Kareem Nagar 2nd Street below this median.

• Kareem Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Kareem Nagar: Rs 2,200 per sq.ft (2024)
• Karunanidhi Cholan Nagar: Rs 2,800 per sq.ft (2024)
• Karunanidhi Cholan Nagar (Veeramani Salai): Rs 2,800 per sq.ft (2024)
• Kandasami Nagar 9th Street: Rs 4,400 per sq.ft (2024)
• Kandasami Nagar 8th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kareem Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kareem Nagar 2nd Street?

The Sub Registrar Office that covers Kareem Nagar 2nd Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is essential for calculating the applicable stamp duty and registration fees during the sale or purchase of property.

When buying or selling property, it is important to be aware of the guideline value, as it affects the overall costs involved in the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Kareem Nagar 2nd Street?

The current guideline value of Kareem Nagar 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 196 per sq.ft in 2002 to the current value of Rs 2,200 per sq.ft in 2024, marking an overall increase of 1022% over the years.

What is the registration fee for property in Kareem Nagar 2nd Street?

The registration fee is calculated at 2% of the guideline value. For a 1,000 sq.ft plot at the current guideline value, the registration fee would amount to Rs 44,000.

Where is the Sub Registrar Office for Kareem Nagar 2nd Street?

The Neelankarai Sub Registrar Office covers Kareem Nagar 2nd Street and is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated at 7% of the higher value between the guideline value and the sale price. This is an important factor to consider when planning a property transaction in Kareem Nagar 2nd Street.