Guideline Value for Kamarajar Street (Ward-1)

Kamarajar Street (Ward-1) guideline value

The current guideline value of Kamarajar Street (Ward-1) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Kamarajar Street (Ward-1) has changed

The guideline value for Kamarajar Street (Ward-1) has undergone several revisions over the years. In 2012, the guideline value was Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in 2017. Following this, the value rose significantly to Rs 1,500 per sq.ft in 2023, and most recently, it has increased to Rs 1,600 per sq.ft in 2024, marking a 7% rise from the previous year.

From 2012 to 2017, there was a notable decrease of 33%. However, from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 7%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which aligns with the current value for Kamarajar Street (Ward-1).

• Kamarajar Street (Ward-16): Rs 1,600 per sq.ft (2024)
• Kamarajar Street (Ward-25): Rs 1,600 per sq.ft (2024)
• Kamarajar Street (Ward-8): Rs 1,600 per sq.ft (2024)
• Kamarajar st ( Ward No.29 ): Rs 1,600 per sq.ft (2024)
• Kamaraj Nagar: Rs 1,600 per sq.ft (2024)
• Kamarajar St, Lakshmipuram (Ward-25): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Kamarajar Street (Ward-1)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kamarajar Street (Ward-1)?

The Sub Registrar Office that covers Kamarajar Street (Ward-1) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, ensuring that the transaction is legally recognized and documented.

When a property is sold, the guideline value serves as a benchmark for the transaction, and the buyer is required to pay the applicable duties based on this value or the sale price, whichever is higher. This ensures that the government receives its due revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kamarajar Street (Ward-1)?

The current guideline value of Kamarajar Street (Ward-1) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increasing to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for Kamarajar Street (Ward-1)?

Kamarajar Street (Ward-1) is classified as Residential Class II Type - I, which indicates its intended use for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

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

How is the stamp duty calculated for properties in Kamarajar Street (Ward-1)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 16,00,000 would incur a stamp duty of Rs 1,12,000 at 7% and a registration fee of Rs 32,000 at 2%.