Guideline Value for Karthik Nagar Extn-II

Karthik Nagar Extn-II guideline value

The current guideline value of Karthik Nagar Extn-II is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is located in Madambakkam village under the Gooduvancheri SRO and is classified as Commercial Special Type - I.

How the guideline value of Karthik Nagar Extn-II has changed

The guideline value for Karthik Nagar Extn-II has seen various revisions over the years. The earliest recorded figure is from 2007, where the value was Rs 179 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in 2012, marking a rise of 570%. However, in 2017, the value dropped to Rs 804 per sq.ft, a decrease of 33%. From 2017 to 2023, the value increased by 49% to Rs 1,200 per sq.ft. The current revision for 2024 maintains this figure with no change from the previous year.

It is important to note that the guideline value register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 570%.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft. The median value for these streets is Rs 1,200 per sq.ft, which is equal to the guideline value of Karthik Nagar Extn-II.

• Karthik Nagar Extn-I: Rs 1,200 per sq.ft (2024)
• Karthik Nagar Extn-III: Rs 1,200 per sq.ft (2024)
• Karthik Nagar Extn-IV: Rs 1,200 per sq.ft (2024)
• Karthik Nagar Extn-V: Rs 1,200 per sq.ft (2024)
• Karthik Nagar Extn-VI: Rs 1,200 per sq.ft (2024)
• Karthik Nagar: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Karthik Nagar Extn-II

For a 1,000 sq.ft plot at the current rate of Rs 1,200 per sq.ft, the guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, totaling Rs 1,08,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Karthik Nagar Extn-II?

The Karthik Nagar Extn-II area falls under the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and fairly, reflecting the official valuation set by the authorities. Buyers and sellers should be aware of these values to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Karthik Nagar Extn-II?

The current guideline value of Karthik Nagar Extn-II is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most significant increase occurring from Rs 179 per sq.ft in 2007 to Rs 1,200 per sq.ft in 2012. The value has remained at Rs 1,200 per sq.ft since 2012, with no change from 2023 to 2024.

What is the land classification of Karthik Nagar Extn-II?

Karthik Nagar Extn-II is classified as Commercial Special Type - I, which indicates its suitability for commercial activities.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,200 per sq.ft incurs a total of Rs 1,08,000 in fees.

Where can I find the Sub Registrar Office for Karthik Nagar Extn-II?

The Gooduvancheri Sub Registrar Office covers Karthik Nagar Extn-II, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.