Guideline Value for KARUMARIAMMAN NAGAR

Karumariamman Nagar guideline value

The current guideline value of Karumariamman Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam Sub Registrar Office. The land classification for this street is Residential Class I Type - III.

How the guideline value of Karumariamman Nagar has changed

The guideline value for Karumariamman Nagar has seen significant changes over the years. In 2007, the guideline value was Rs 375 per sq.ft, which increased dramatically to Rs 2,500 per sq.ft in 2012, marking a rise of 567%. This figure remained the same until the 2023 revision, where it was again Rs 2,500 per sq.ft. In 2024, the guideline value increased to Rs 2,700 per sq.ft, reflecting an 8% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 620%. It is important to note that the register has no figures for the years 2002, 2003, and 2017 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Karumariamman Nagar's 2024 figure above that median.

• Kasthuri Bai Nagar: Rs 1,600 per sq.ft (2024)
• Kasthuri Nagar: Rs 3,300 per sq.ft (2024)
• Kattabomman Street (Kallikuppam): Rs 1,100 per sq.ft (2024)
• Kanniamman Koil Street: Rs 1,600 per sq.ft (2024)
• Kannamma Nagar: Rs 1,600 per sq.ft (2024)
• Kaviya Nagar: Rs 1,600 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 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. 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 Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

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

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 Karumariamman Nagar?

The current guideline value of Karumariamman Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 375 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 620% over this period.

What is the land classification for Karumariamman Nagar?

Karumariamman Nagar is classified as Residential Class I Type - III.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for properties in Karumariamman Nagar?

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 rate would incur a total of Rs 2,43,000 in stamp duty and registration fees.