Guideline Value for KARSEEM SALAI

Karseem Salai guideline value

The current guideline value of Karseem Salai is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Seevaram village, under the Neelankarai SRO, classified as Residential Class II Type - II.

How the guideline value of Karseem Salai has changed

The guideline value for Karseem Salai has seen several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a rise of 233%. However, it then decreased to Rs 1,340 per sq.ft in 2017, a drop of 33%. The value further increased to Rs 2,000 per sq.ft in 2023, and now stands at Rs 2,200 per sq.ft in 2024, reflecting a 10% increase from the previous year. The register has no figure for this street in 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 267%. The changes highlight the fluctuations in property values over the years, with the most significant rise occurring between 2012 and 2017, followed by a steady increase leading to the current value.

Guideline values in Seevaram

In Seevaram, there are 84 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,300 per sq.ft, with a median value of Rs 2,800 per sq.ft. The guideline value of Karseem Salai is below this median.

• Lakshmi Nagar: Rs 2,200 per sq.ft (2024)
• Janakiraman Street: Rs 3,300 per sq.ft (2024)
• L.R.D.Avenue: Rs 2,200 per sq.ft (2024)
• Industrial Estate: Rs 6,400 per sq.ft (2024)
• Maha Kavi Bharathi Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Maha Kavi Bharathi Nagar 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Karseem Salai

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, totaling 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 details.

Which Sub Registrar Office covers Karseem Salai?

The Sub Registrar Office that covers Karseem Salai 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 Seevaram

The guideline value is a crucial factor in the registration process of property transactions in Seevaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted transparently and fairly.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees that are applicable. This ensures that both parties are aware of the financial obligations involved in the transaction, making it an essential aspect of property dealings in the region.

Frequently asked questions

What is the current guideline value of Karseem Salai?

The current guideline value of Karseem Salai 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 increased from Rs 600 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 267% over the years.

What is the land classification for Karseem Salai?

Karseem Salai is classified as Residential Class II Type - II, indicating its suitability for residential development.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where is the Neelankarai Sub Registrar Office located?

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