Guideline Value for KARUMARIAMMAN NAGAR

Karumariamman Nagar guideline value

The current guideline value of Karumariamman Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village under the Chennai South Joint I SRO, classified as Residential Class IV Type - II.

How the guideline value of Karumariamman Nagar has changed

Over the years, the guideline value for Karumariamman Nagar has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which then dropped to Rs 804 per sq.ft in the 2017 revision. The 2023 revision increased it to Rs 1,200 per sq.ft, and the latest revision in 2024 has raised it further to Rs 1,320 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. However, from 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figure for the years 2002, 2003, and 2007 for this street.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Karumariamman Nagar's 2024 figure below that median.

• Karumariamman Nagar Extn: Rs 1,320 per sq.ft (2024)
• Karumarianmman Main Road 1st Street: Rs 1,110 per sq.ft (2024)
• Karumarriamman Main Road 2nd Street: Rs 1,110 per sq.ft (2024)
• Karmel Street Extn: Rs 1,320 per sq.ft (2024)
• Karmel Street: Rs 1,320 per sq.ft (2024)
• Karmel Cross Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Karumariamman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Karumariamman Nagar?

The Sub Registrar Office that covers Karumariamman Nagar 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 Pallikaranai

The guideline value is a crucial factor in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When a buyer approaches the registration office, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all property transactions are conducted fairly and in accordance with the established rates set by the government.

Frequently asked questions

What is the current guideline value of Karumariamman Nagar?

The current guideline value of Karumariamman Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase from Rs 1,200 per sq.ft in 2023 to Rs 1,320 per sq.ft in 2024. The value was Rs 804 per sq.ft in 2017 and Rs 1,200 per sq.ft in 2012.

What is the land classification of Karumariamman Nagar?

Karumariamman Nagar is classified as Residential Class IV Type - II, indicating its designation for residential use within the area.

What are the stamp duty and registration fees for property in this area?

For a property valued at the current guideline of Rs 1,320 per sq.ft, the stamp duty would be 7% of the guideline value, and the registration fee would be 2%. For a 1,000 sq.ft plot, the total cost would be Rs 1,18,800.

Which office handles registrations for Karumariamman Nagar?

The Chennai South Joint I Sub Registrar Office handles registrations for Karumariamman Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.