Guideline Value for Karthik Avenue

Karthik Avenue guideline value

The current guideline value of Karthik Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - I.

How the guideline value of Karthik Avenue has changed

The guideline value for Karthik Avenue has seen several revisions over the years. In 2017, the value was Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant increase of 49%. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has risen by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, indicating that Karthik Avenue's 2024 figure is below this median.

• Karthik Avenue/Bajai Koil Street: Rs 2,750 per sq.ft (2024)
• Karthikeyapuram: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 10th Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 11th Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 11th Street 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 11th Street 2nd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Karthik Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Karthik Avenue?

The Karthik Avenue is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration process for property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and standardization in property dealings.

When buying or selling property, the guideline value is used to calculate applicable duties and fees, such as stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial obligations associated with the transaction.

Frequently asked questions

What is the current guideline value of Karthik Avenue?

The current guideline value of Karthik Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking a total increase of 64% over this period.

What are the stamp duty and registration fees for property in Karthik Avenue?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000. The stamp duty at 7% is Rs 1,54,000, and the registration fee at 2% is Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Karthik Avenue?

The Velacheri Sub Registrar Office covers Karthik Avenue, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Karthik Avenue?

Karthik Avenue is classified as Residential Class II Type - I, indicating its designation for residential use within the area.