Guideline Value for Kamaraj Lane

Kamaraj Lane guideline value

The current guideline value of Kamaraj Lane in Erukancherry village is Rs 2,500 per sq.ft, effective from 1 July 2024. This area falls under the Madhavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Kamaraj Lane has changed

The guideline value for Kamaraj Lane has seen several revisions over the years. In 2012, the value was Rs 2,300 per sq.ft, which decreased to Rs 1,541 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023, and then to Rs 2,500 per sq.ft in the 2024 revision, marking a 9% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%. Overall, comparing the values from 2012 to 2024, there has been a 9% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, which is equal to the guideline value of Kamaraj Lane.

• Kamaraj Nagar Cross Street: Rs 2,500 per sq.ft (2024)
• Kamaraj Street: Rs 2,500 per sq.ft (2024)
• Kamatchi 1st Street: Rs 1,900 per sq.ft (2024)
• Kamatchi 2nd Street: Rs 1,900 per sq.ft (2024)
• Kamatchi 3rd Street: Rs 1,900 per sq.ft (2024)
• Kamatchi 4th Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Kamaraj Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total to Rs 2,25,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kamaraj Lane?

The Kamaraj Lane area is covered by 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 Erukancherry

The guideline value is a crucial factor during property registration in Erukancherry, as it determines the amount of stamp duty and registration fees payable. Buyers and sellers must consider this value to ensure compliance with legal requirements during the transaction.

When a property is sold, the guideline value is used to assess the tax liabilities, ensuring that the correct fees are paid based on the higher of the guideline value or the sale price. This process helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Kamaraj Lane?

The current guideline value of Kamaraj Lane is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the classification of Kamaraj Lane?

Kamaraj Lane is classified as Residential Class III Type - I under the guideline value register.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated on properties in Kamaraj Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,75,000.