Guideline Value for Kalaimagal Nagar 2nd Cross Street

Kalaimagal Nagar 2nd Cross Street guideline value

The current guideline value of Kalaimagal Nagar 2nd 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, classified as Residential Class I Type - III.

How the guideline value of Kalaimagal Nagar 2nd Cross Street has changed

In the 2023 revision, the guideline value was set at Rs 2,500 per sq.ft. The increase from 2023 to 2024 is 10%, bringing the current guideline value to Rs 2,750 per sq.ft. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

The 2024 revision marks an increase from the previous year, reflecting a consistent upward adjustment in guideline values. The current figure aligns with the median value for streets in Madipakkam-1, which is also Rs 2,750 per sq.ft.

Guideline values in Madipakkam-1

Madipakkam-1 has a total of 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, placing the guideline value of Kalaimagal Nagar 2nd Cross Street at this median level.

• Kalaimagal Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Kalaimagal Nagar: Rs 2,750 per sq.ft (2024)
• Kalaimagal 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)
• Kalaivanar Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kalaimagal Nagar 2nd 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, totaling Rs 2,47,500. 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 Kalaimagal Nagar 2nd Cross Street?

The Sub Registrar Office that covers Kalaimagal Nagar 2nd 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 is a crucial factor during property registration in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property transaction.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, thereby facilitating transparency in real estate dealings. This value is essential for both buyers and sellers to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Kalaimagal Nagar 2nd Cross Street?

The current guideline value of Kalaimagal Nagar 2nd 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 increased 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 2017, 2012, 2007, 2003, and 2002 for this street.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft. This value is the same as the current guideline value for Kalaimagal Nagar 2nd Cross Street.

What are the stamp duty rates applicable?

The stamp duty rate is 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% applicable on the same basis.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles the registration of properties in the area.