Guideline Value for Kamaraj Nagar 1st Street

Kamaraj Nagar 1st Street guideline value

The current guideline value of Kamaraj Nagar 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Residential Special Type - III.

How the guideline value of Kamaraj Nagar 1st Street has changed

The guideline value of Kamaraj Nagar 1st Street has seen several revisions over the years. In 2002, the value was Rs 589 per sq.ft, which increased to Rs 644 per sq.ft in 2003. Following that, there was a significant rise to Rs 1,100 per sq.ft in 2007. The value then jumped to Rs 5,000 per sq.ft in 2012, before decreasing to Rs 3,350 per sq.ft in 2017. The most recent figures show the guideline value at Rs 5,000 per sq.ft in 2023 and Rs 5,500 per sq.ft in 2024.

In terms of changes, from 2002 to 2024, the overall increase is 834%. The change from 2023 to 2024 is a 10% increase. From 2017 to 2023, there was a notable increase of 49%, while the period from 2012 to 2017 saw a decrease of 33%. The jump from 2007 to 2012 was a remarkable 355%, and the increase from 2003 to 2007 was 71%. Lastly, the change from 2002 to 2003 was 9%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Kamaraj Nagar 1st Street's 2024 figure above this median.

• Kamaraj Nagar 2nd Street: Rs 5,500 per sq.ft (2024)
• Kamaraj Nagar 3rd Street: Rs 5,500 per sq.ft (2024)
• Kamaraj Nagar 4th Street: Rs 5,500 per sq.ft (2024)
• Kamaraj Nagar 5th Street: Rs 5,500 per sq.ft (2024)
• Kamaraj Nagar 6th Street: Rs 5,500 per sq.ft (2024)
• Kamaraj Nagar 7th Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Kamaraj Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total fees Rs 4,95,000. It is important to note that the 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 Nagar 1st Street?

The Kamaraj Nagar 1st Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property can be registered. This ensures transparency in the transaction process and aids in the assessment of applicable fees.

Frequently asked questions

What is the current guideline value of Kamaraj Nagar 1st Street?

The current guideline value of Kamaraj Nagar 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 589 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 834% over the years.

What is the land classification of Kamaraj Nagar 1st Street?

Kamaraj Nagar 1st Street is classified as Residential Special Type - III, indicating its use for residential purposes.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total fee of Rs 4,95,000, including both stamp duty and registration fees.