Guideline Value for Kalaivanar Street

Kalaivanar Street guideline value

The current guideline value of Kalaivanar Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Kalaivanar Street has changed

The guideline value for Kalaivanar Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which represents a 10% increase from the 2023 revision of Rs 3,500 per sq.ft. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002.

Prior to the 2023 revision, the guideline value was not specified for the aforementioned years. The 2023 figure of Rs 3,500 per sq.ft marked the first recorded value for this street in recent years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Kalaivanar Street is above this median.

• Kalaivani Street: Rs 1,650 per sq.ft (2024)
• Kalaimagal Street: Rs 2,750 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in Kalaivanar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kalaivanar Street?

The Sub Registrar Office that covers Kalaivanar 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 serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is used to assess the applicable duties, ensuring that the fees reflect the official valuation of the property. This helps maintain transparency and standardization in property transactions within the area.

Frequently asked questions

What is the current guideline value of Kalaivanar Street?

The current guideline value of Kalaivanar Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased by 10% from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024.

What is the land classification for Kalaivanar Street?

Kalaivanar Street is classified as Residential Class I Type - I under the current guidelines.

Where can I find the Velacheri Sub Registrar Office?

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

How is the stamp duty calculated for properties in Kalaivanar Street?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500.