Guideline Value for KAREEM NAGAR

Kareem Nagar guideline value

The current guideline value of Kareem Nagar, located in Palavakkam village under the Neelankarai SRO, is Rs 2,200 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area is classified as Residential Class IV Type - I.

How the guideline value of Kareem Nagar has changed

The guideline value of Kareem Nagar has seen significant changes over the years. In 2002, the value was Rs 196 per sq.ft, which increased to Rs 219 per sq.ft in 2003. The value then rose sharply by 220% to Rs 700 per sq.ft in 2007. Following this, the value increased to Rs 2,000 per sq.ft in 2012, marking an increase of 186%. However, it dropped by 33% to Rs 1,340 per sq.ft in 2017. The value then increased by 49% to Rs 2,000 per sq.ft in 2023, before reaching the current value of Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1022%. There are no figures available for the revisions in years other than those specified.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Kareem Nagar's 2024 figure below this median.

• Kareem Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Kareem Nagar 2nd Street: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Together, the total fees would be 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 the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Kareem Nagar?

The Sub Registrar Office that covers Kareem Nagar 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 more details.

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

The guideline value plays a crucial role in property transactions in Palavakkam. It is used to determine the minimum value at which a property can be registered. This value is essential for calculating the stamp duty and registration fees that need to be paid during the transaction.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value as per the government regulations. It helps in maintaining transparency in property dealings and ensures that the state receives due revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kareem Nagar?

The current guideline value of Kareem Nagar 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 changed from Rs 196 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1022% over the years.

What are the stamp duty rates in Kareem Nagar?

The stamp duty rate in Kareem Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles property registrations in Kareem Nagar?

The Neelankarai Sub Registrar Office handles property registrations in Kareem Nagar, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the median guideline value for streets in Palavakkam?

The median guideline value for streets in Palavakkam is Rs 3,300 per sq.ft, with Kareem Nagar's current value being below this median.