Guideline Value for Kalaimagal Street

Kalaimagal Street guideline value

The current guideline value of Kalaimagal 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 it falls under the Residential Class I Type - III land classification.

How the guideline value of Kalaimagal Street has changed

The guideline value for Kalaimagal Street has undergone changes over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 2,500 per sq.ft, which increased to Rs 2,750 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, the register does not provide figures for this street. The current guideline value of Rs 2,750 per sq.ft aligns with the median value of Rs 2,750 per sq.ft for 1823 streets in Madipakkam-1 as per the 2024 revision.

Guideline values in Madipakkam-1

In Madipakkam-1, the guideline values for various streets range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Kalaimagal Street's 2024 figure matches this median value.

• Kalaimagal Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• 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)
• Kalaivanar Street: Rs 3,850 per sq.ft (2024)
• Kalaivani Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Kalaimagal Street

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 at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kalaimagal Street?

Kalaimagal Street falls under the jurisdiction of the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for additional information.

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

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as a benchmark to determine the minimum value at which a property can be registered, ensuring that the property is not undervalued during the sale.

When you buy or sell a property, the guideline value influences the stamp duty and registration fees applicable to the transaction. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price.

Frequently asked questions

What is the current guideline value of Kalaimagal Street?

The current guideline value of Kalaimagal 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 for Kalaimagal Street increased from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, marking a change of +10%. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Kalaimagal Street?

Kalaimagal Street is classified under Residential Class I Type - III, indicating its designation for residential purposes.

What are the stamp duty and registration fees for properties in this area?

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, totaling Rs 2,47,500. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles the registration for Kalaimagal Street?

The Velacheri Sub Registrar Office handles registrations for Kalaimagal Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.