Guideline Value for Kalaimagal Nagar

Kalaimagal Nagar guideline value

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

How the guideline value of Kalaimagal Nagar has changed

The guideline value for Kalaimagal Nagar has seen several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent figures are from the 2023 revision, which set the guideline value at Rs 2,500 per sq.ft, and the 2024 revision, which increased it to Rs 2,750 per sq.ft, reflecting a change of +10%.

In summary, the guideline value for Kalaimagal Nagar was Rs 2,500 per sq.ft in 2023 and increased to Rs 2,750 per sq.ft in 2024. The 2024 figure aligns with the median value of Rs 2,750 per sq.ft for the 1823 streets in Madipakkam-1 under the Velacheri SRO.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values range from Rs 1,650 to Rs 5,500 per sq.ft, with the median being Rs 2,750 per sq.ft. The guideline value for Kalaimagal Nagar is equal to this median. Below are the guideline values for other streets in Madipakkam-1:

• Kalaimagal Cross Street: 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 Nagar

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

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kalaimagal Nagar?

The Sub Registrar Office that covers Kalaimagal Nagar 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 when buying or selling property in Madipakkam-1. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately for tax purposes.

When registering a property, the guideline value helps in calculating the stamp duty and registration fees, which are necessary for the legal transfer of ownership. This ensures that both buyers and sellers are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Kalaimagal Nagar?

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

How has the guideline value changed recently?

The guideline value increased from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, representing a change of +10%.

What is the land classification for Kalaimagal Nagar?

Kalaimagal Nagar falls under the Residential Class I Type - III land classification.

Where can I find the Sub Registrar Office for Kalaimagal Nagar?

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

How is stamp duty calculated for property in Kalaimagal Nagar?

Stamp duty is 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 at a rate of 7%.