Guideline Value for Karikalan Street /VOC Nagar

Karikalan Street /VOC Nagar guideline value

The current guideline value of Karikalan Street /VOC Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pammal village and falls under the Pammal SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Karikalan Street /VOC Nagar has changed

Over the years, the guideline value of Karikalan Street /VOC Nagar has seen significant changes. In 2002, the guideline value was Rs 201 per sq.ft. It increased to Rs 228 per sq.ft in 2003, marking a 13% rise. The value then jumped to Rs 360 per sq.ft in 2007, which was a 58% increase. Following that, the value surged to Rs 1,675 per sq.ft in 2017, reflecting a remarkable 365% increase. The next revision in 2023 set the value at Rs 2,500 per sq.ft, a 49% rise from the previous figure. The latest revision in 2024 has further increased the guideline value to Rs 2,750 per sq.ft, which is a 10% increase from 2023. The register has no figure for this street in 2012.

Guideline values in Pammal

In Pammal, there are a total of 926 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing Karikalan Street /VOC Nagar above this median.

• Karian Street, Veeraswamy Nagar: Rs 1,980 per sq.ft (2024)
• Karuappan Street / Pasumpon Nagar: Rs 1,980 per sq.ft (2024)
• Kannan Street / Veeraswamy Nagar: Rs 1,980 per sq.ft (2024)
• Kannan Street /Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)
• Kannaiyeram Street /Nagalkeni: Rs 1,980 per sq.ft (2024)
• Kannairam Street, Sivasankaran Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Karikalan Street /VOC Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty, calculated at 7%, would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for stamp duty and registration fee would be Rs 2,47,500. It is important to note that 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 Karikalan Street /VOC Nagar?

The Sub Registrar Office that covers Karikalan Street /VOC Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is legally compliant.

When a property is sold, the buyer and seller must ensure that the sale price meets or exceeds the guideline value. This helps in maintaining transparency in property transactions and prevents undervaluation of properties during registration.

Frequently asked questions

What is the current guideline value of Karikalan Street /VOC Nagar?

The current guideline value of Karikalan Street /VOC Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 201 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1268% over the years.

What is the land classification for Karikalan Street /VOC Nagar?

The land classification for Karikalan Street /VOC Nagar is Commercial Class I Type - II.

Where can I find the Pammal Sub Registrar Office?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone.

How is stamp duty calculated for properties in Pammal?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. In Pammal, the stamp duty is typically charged at 7%, while the registration fee is charged at 2% of the guideline value or sale price.