Guideline Value for Karthik Nagar (Ward-29)

Karthik Nagar (Ward-29) guideline value

The current guideline value of Karthik Nagar (Ward-29) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this locality is Residential Class I Type - I.

How the guideline value of Karthik Nagar (Ward-29) has changed

The guideline value for Karthik Nagar has undergone significant changes over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which was then increased to Rs 2,200 per sq.ft in the 2024 revision, marking an increase of 64%. Notably, the register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

In summary, the guideline value has risen from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024. This substantial increase reflects the changes in property valuation over the years, with no recorded figures for several intervening years.

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 value for these streets is Rs 1,600 per sq.ft, placing Karthik Nagar's 2024 figure above this median.

• Karthik Street: Rs 1,300 per sq.ft (2024)
• Karunanidhi Nagar: Rs 1,300 per sq.ft (2024)
• Karthick Nagar: Rs 2,200 per sq.ft (2024)
• Karthick Avenue: Rs 2,200 per sq.ft (2024)
• Karpagam Nagar, Ponniammanmedu (Ward-23): Rs 2,200 per sq.ft (2024)
• Karpagam Nagar Annexe: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Karthik Nagar (Ward-29)

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 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.

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

Which Sub Registrar Office covers Karthik Nagar (Ward-29)?

The Sub Registrar Office that covers Karthik Nagar (Ward-29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Madhavaram. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is officially recognized and recorded.

During registration, the guideline value helps establish a baseline for property valuation, which is essential for both buyers and sellers to understand their financial obligations. This ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Karthik Nagar (Ward-29)?

The current guideline value of Karthik Nagar (Ward-29) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed in recent years?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, reflecting a 64% increase.

What is the land classification for Karthik Nagar?

Karthik Nagar is classified as Residential Class I Type - I, which indicates its designation for residential purposes.

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

For a 1,000 sq.ft plot at the guideline value of Rs 2,200 per sq.ft, the total stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Karthik Nagar located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone.