Guideline Value for Kalamegam Street (Vivekananda Nagar)

Kalamegam Street (Vivekananda Nagar) guideline value

The current guideline value of Kalamegam Street (Vivekananda Nagar) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village and falls under the Madhavaram SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Kalamegam Street (Vivekananda Nagar) has changed

Looking at the revisions, the guideline value for Kalamegam Street was Rs 2,500 per sq.ft in the 2012 revision. This figure remained unchanged in the 2023 revision. However, with the 2024 revision, the guideline value increased to Rs 2,700 per sq.ft, reflecting an 8% increase from the previous year. It is important to note that there are no figures available for this street in the revisions from 2002, 2003, 2007, and 2017.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The consistent value from 2012 to 2023 indicates stability before the recent increase in 2024.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which is the same as the current figure for Kalamegam Street.

• Kalamegam Street: Rs 2,700 per sq.ft (2024)
• Kalasathamman Street: Rs 2,700 per sq.ft (2024)
• Kalidasan Street: Rs 2,700 per sq.ft (2024)
• Kalidasan Street (Thiruvalluvar Nagar): Rs 2,700 per sq.ft (2024)
• Kalidasan Street (Vivekananda Nagar): Rs 2,700 per sq.ft (2024)
• Kalaimagal Street (Teacher's colony): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Kalamegam Street (Vivekananda Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. It is important to note that the 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 Kalamegam Street (Vivekananda Nagar)?

The Sub Registrar Office covering Kalamegam Street (Vivekananda Nagar) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Kodungaiyur

The guideline value plays a crucial role in property transactions in Kodungaiyur. It is used to determine the stamp duty and registration fees when a property is bought or sold. Buyers and sellers should be aware that the guideline value is a key factor in calculating the total costs associated with property transactions.

During the registration process, the guideline value ensures that the property is valued correctly for taxation purposes. This value is essential for both buyers and sellers to understand their financial obligations when engaging in real estate transactions in the area.

Frequently asked questions

What is the current guideline value of Kalamegam Street (Vivekananda Nagar)?

The current guideline value of Kalamegam Street (Vivekananda Nagar) is Rs 2,700 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 2012 to Rs 2,500 in 2023, and then increased to Rs 2,700 in 2024. There are no figures available for the revisions in 2002, 2003, 2007, and 2017.

What is the land classification for Kalamegam Street?

Kalamegam Street is classified as Residential Class I Type - I, which indicates its intended use for residential purposes.

What are the stamp duty and registration fees for property transactions?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty and registration fees would be Rs 2,43,000.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.