Guideline Value for Kamala Street

Kamala Street guideline value

The current guideline value of Kamala Street, located in Nungambakkam village, is Rs 7,700 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint II SRO and is classified as Residential Class I Type - I.

How the guideline value of Kamala Street has changed

The guideline value for Kamala Street has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 3,000 per sq.ft. This increased significantly to Rs 7,000 per sq.ft in the 2012 revision, but then dropped to Rs 4,690 per sq.ft in 2017. Following this, the value rose to Rs 7,000 per sq.ft in 2023, and currently stands at Rs 7,700 per sq.ft as of the 2024 revision. The changes between these revisions include a 133% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024.

It is important to note that there are no figures available for Kamala Street in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by 157%.

Guideline values in Nungambakkam

Nungambakkam village has 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Kamala Street's current value below this median.

• Kamarajapuram 1st Street: Rs 6,000 per sq.ft (2024)
• Kamarajapuram 2nd Street: Rs 6,000 per sq.ft (2024)
• Kamarajapuram 3rd Street: Rs 6,000 per sq.ft (2024)
• Kamarajapuram 4th Street: Rs 6,000 per sq.ft (2024)
• Kamarajapuram 5th Street: Rs 6,000 per sq.ft (2024)
• Kamarajapuram 6th Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Kamala Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total fees to Rs 6,93,000. 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 detailed calculations.

Which Sub Registrar Office covers Kamala Street?

The Sub Registrar Office that covers Kamala Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Nungambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value will influence the stamp duty and registration fees payable. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Kamala Street?

The current guideline value of Kamala Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, with several fluctuations in between, including a drop and subsequent increases.

What is the land classification for Kamala Street?

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

Where can I find the Sub Registrar Office for Kamala Street?

The Sub Registrar Office for Kamala Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties on Kamala Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 77,00,000 would incur a stamp duty of Rs 5,39,000.