Guideline Value for Kalaimagal Cross Street

Kalaimagal Cross Street guideline value

The current guideline value of Kalaimagal Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - III.

How the guideline value of Kalaimagal Cross Street has changed

The guideline value for Kalaimagal Cross Street has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In 2023, the guideline value was Rs 2,500 per sq.ft, and in 2024, it increased by 10% to Rs 2,750 per sq.ft.

This increase reflects a consistent adjustment in the guideline values for properties in this area. The 2024 figure aligns with the median guideline value for Madipakkam-1, which is also Rs 2,750 per sq.ft.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value range from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, which means that Kalaimagal Cross Street's 2024 figure is equal to this median. Other streets in Madipakkam-1 include:

• Kalaimagal Nagar: Rs 2,750 per sq.ft (2024)
• Kalaimagal Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Kalaimagal Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Kalaimagal Street: Rs 2,750 per sq.ft (2024)
• Kalaiamagal Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Kakkan Street/Balaiah Garden: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kalaimagal Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kalaimagal Cross Street?

The Sub Registrar Office that covers Kalaimagal Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both buyers and sellers, as it ensures compliance with local regulations and helps in estimating the overall costs involved in property transactions in the area.

Frequently asked questions

What is the current guideline value of Kalaimagal Cross Street?

The current guideline value of Kalaimagal Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, marking a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Kalaimagal Cross Street?

Kalaimagal Cross Street is classified as Residential Class I Type - III. This classification helps determine the guideline value and other regulatory aspects of the property.

Where can I find the Sub Registrar Office for this area?

The Velacheri Sub Registrar Office covers Kalaimagal Cross Street. It is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000.