Guideline Value for Karigalan Street

Karigalan Street guideline value

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

How the guideline value of Karigalan Street has changed

The guideline value of Karigalan Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,600 per sq.ft, an increase from Rs 1,500 per sq.ft in the 2023 revision. Notably, there was no change from the 2012 revision, which also recorded Rs 1,500 per sq.ft. The register has no figures for the years 2002, 2003, 2007, and 2017.

Overall, from 2012 to 2024, the guideline value increased by 7%. The change from 2023 to 2024 reflects a 7% increase, while the values remained stable from 2012 to 2023.

Guideline values in Madambakkam

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

• Karigalan 2nd Street: Rs 1,600 per sq.ft (2024)
• Karigalan 1st 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 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 fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Karigalan Street?

The Sub Registrar Office that covers Karigalan 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 for further assistance.

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

The guideline value is a crucial factor in property transactions in Madambakkam. It serves as the minimum value for which a property can be registered and is used to calculate stamp duty and registration fees. Buyers and sellers should be aware that the guideline value may differ from the actual sale price.

When registering a property, the higher amount between the guideline value and the sale price will determine the applicable stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Karigalan Street?

The current guideline value of Karigalan 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 has changed from Rs 1,500 per sq.ft in 2023 to Rs 1,600 per sq.ft in 2024, reflecting a 7% increase. There has been no change from 2012 to 2023, with the overall increase from 2012 to 2024 being 7%.

What is the land classification of Karigalan Street?

Karigalan Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

How do stamp duty and registration fees work?

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

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

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