Guideline Value for KARUNANIDHI CHOLAN NAGAR (VEERAMANI SALAI)

Karunanidhi Cholan Nagar (Veeramani Salai) guideline value

The current guideline value of Karunanidhi Cholan Nagar (Veeramani Salai) is Rs 2,800 per sq.ft as per the 2024 revision. This area is located in Palavakkam village and falls under the Neelankarai SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Karunanidhi Cholan Nagar (Veeramani Salai) has changed

The guideline value of Karunanidhi Cholan Nagar (Veeramani Salai) has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 305 per sq.ft. This increased to Rs 341 per sq.ft in 2003, marking a change of +12%. The value then rose significantly to Rs 1,000 per sq.ft in 2007, reflecting a substantial increase of +193%. In 2012, the guideline value was Rs 2,500 per sq.ft, which was a +150% rise from the previous revision. However, this value decreased by -33% to Rs 1,675 per sq.ft in 2017.

From 2017 to 2023, the guideline value increased by +49% to reach Rs 2,500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 2,800 per sq.ft, which is a +12% increase from the previous year. There are no figures available for the revisions of years not mentioned in this overview.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Karunanidhi Cholan Nagar (Veeramani Salai) is below this median.

• Karunanidhi Cholan Nagar: Rs 2,800 per sq.ft (2024)
• Kareem Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Kareem Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Kareem Nagar: Rs 2,200 per sq.ft (2024)
• Kazura Garden(@ Balavakkam): Rs 4,400 per sq.ft (2024)
• Kandasami Nagar 9th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Karunanidhi Cholan Nagar (Veeramani Salai)

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. 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 Karunanidhi Cholan Nagar (Veeramani Salai)?

The Sub Registrar Office that covers Karunanidhi Cholan Nagar (Veeramani 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 more information.

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

The guideline value is an important factor during the registration of property transactions. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in Palavakkam.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Karunanidhi Cholan Nagar (Veeramani Salai)?

The current guideline value of Karunanidhi Cholan Nagar (Veeramani Salai) is Rs 2,800 per sq.ft as per the 2024 revision.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 305 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of +818% over the years.

What is the land classification for Karunanidhi Cholan Nagar (Veeramani Salai)?

The land classification for Karunanidhi Cholan Nagar (Veeramani Salai) is Residential Class III Type - I.

Which office handles registrations for Karunanidhi Cholan Nagar (Veeramani Salai)?

The Neelankarai Sub Registrar Office handles registrations for Karunanidhi Cholan Nagar (Veeramani Salai), located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Palavakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate for stamp duty is 7%, and the registration fee is 2% of the guideline value or sale price.