Guideline Value for Karigalan 2nd Street

Karigalan 2nd Street guideline value

The current guideline value of Karigalan 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Karigalan 2nd Street has changed

In the 2012 revision, the guideline value for Karigalan 2nd Street was Rs 1,500 per sq.ft. This figure remained unchanged in the 2023 revision. However, the 2024 revision saw an increase to Rs 1,600 per sq.ft, marking a 7% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, placing Karigalan 2nd Street's 2024 figure below that median.

• Karigalan 1st Street: Rs 1,600 per sq.ft (2024)
• Karigalan Street: Rs 1,600 per sq.ft (2024)
• Karpagam Avenue: Rs 1,700 per sq.ft (2024)
• Karpagam Avenue 1st Cross Street: Rs 1,700 per sq.ft (2024)
• Karpagam Avenue 1st Street: Rs 1,700 per sq.ft (2024)
• Karpagam Avenue 2nd Cross Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Karigalan 2nd Street

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 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.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Karigalan 2nd Street?

The Sub Registrar Office that covers Karigalan 2nd 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 here.

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

The guideline value is a crucial figure used during the registration of property transactions in Madambakkam. It serves as a benchmark for calculating 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 determine the minimum value at which the property can be registered. This value is essential for both buyers and sellers to understand their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Karigalan 2nd Street?

The current guideline value of Karigalan 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Karigalan 2nd Street has remained at Rs 1,500 per sq.ft from 2012 to 2023. In 2024, it increased to Rs 1,600 per sq.ft, marking a 7% rise from the previous year.

What is the land classification for Karigalan 2nd Street?

Karigalan 2nd Street is classified as Residential Class II Type - I, indicating its designation for residential development.

What are the stamp duty and registration fees for a property on this street?

For a property with a guideline value of Rs 16,00,000, the stamp duty would be Rs 1,12,000, and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Where is the Sub Registrar Office located for this area?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.