Guideline Value for Kalamegam Street

Kalamegam Street guideline value

The current guideline value of Kalamegam Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Kalamegam Street has changed

Over the years, the guideline value of Kalamegam Street has seen significant changes. In the 2007 revision, the value was Rs 600 per sq.ft, which increased dramatically to Rs 4,000 per sq.ft in 2012, marking a rise of 567%. However, in the 2017 revision, the value decreased to Rs 2,680 per sq.ft, a drop of 33%. The value then rose again to Rs 4,000 per sq.ft in 2023, and finally reached Rs 4,400 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the 2024 revision, there has been an increase of 633%, highlighting the fluctuations in the guideline value over the years.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Kalamegam Street above this median.

• Kalamegam Street Extn: Rs 4,400 per sq.ft (2024)
• Kalaivani Street: Rs 950 per sq.ft (2024)
• Kalidaser Street: Rs 2,200 per sq.ft (2024)
• Kalainjar Street: Rs 950 per sq.ft (2024)
• Kalpana Nagar: Rs 950 per sq.ft (2024)
• Kamarajar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kalamegam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kalamegam Street?

The Sub Registrar Office that covers Kalamegam Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for additional information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Selaiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property accurately.

Frequently asked questions

What is the current guideline value of Kalamegam Street?

The current guideline value of Kalamegam Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the most recent revision in 2024 showing an increase from Rs 4,000 per sq.ft in 2023. Overall, it has risen from Rs 600 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024.

What is the land classification of Kalamegam Street?

Kalamegam Street is classified as Commercial Class I Type - I, which indicates its suitability for commercial activities.

Where can I find more information about the Selaiyur SRO?

You can find more information about the Selaiyur SRO by visiting the Selaiyur Sub Registrar Office located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

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

The stamp duty for properties in Kalamegam Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.