Guideline Value for KARIM GARDEN

Karim Garden guideline value

The current guideline value of Karim Garden in Chemmancheri village, under the Neelankarai SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - II land classification.

How the guideline value of Karim Garden has changed

The guideline value of Karim Garden has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,000 per sq.ft. This value decreased to Rs 1,340 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 124%, bringing the value to Rs 3,000 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 3,300 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 65%.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, making the guideline value of Karim Garden above this median.

• Karpaga Vinayagar Koil Street: Rs 1,700 per sq.ft (2024)
• Karpaga Vinayagar Street: Rs 1,700 per sq.ft (2024)
• Karthikeyan Garden: Rs 1,100 per sq.ft (2024)
• Karthik Garden: Rs 1,700 per sq.ft (2024)
• Kamatchi Nagar/Sri Kamatchi Nagar: Rs 1,800 per sq.ft (2024)
• Kamaraj Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Karim Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost for these charges Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Karim Garden?

The Sub Registrar Office that covers Karim Garden 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 Chemmancheri

The guideline value is a crucial factor in the registration process when buying or selling property in Chemmancheri. It determines the minimum value at which the property can be registered and is used to calculate applicable stamp duty and registration fees.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Karim Garden?

The current guideline value of Karim Garden is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed in recent years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, representing a 65% increase overall.

What is the land classification for Karim Garden?

Karim Garden falls under the Residential Class I Type - II land classification.

Where can I find the Sub Registrar Office for Karim Garden?

The Sub Registrar Office for Karim Garden is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Karim Garden?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total stamp duty and registration fee of Rs 2,97,000.