Guideline Value for Karthik Nagar

Karthik Nagar guideline value

The current guideline value of Karthik Nagar is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Mevaloorkuppam B village and falls under the Sriperumpudur SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Karthik Nagar has changed

Over the years, the guideline value of Karthik Nagar has seen significant changes. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 250 per sq.ft, and in the 2024 revision, it increased to Rs 500 per sq.ft, marking a 100% increase.

The 2024 revision's figure of Rs 500 per sq.ft is above the median guideline value of Rs 400 per sq.ft for the 84 streets in Mevaloorkuppam B under the Sriperumpudur SRO. This reflects the current market conditions and the classification of the land.

Guideline values in Mevaloorkuppam B

In Mevaloorkuppam B, the guideline values vary significantly across different streets, ranging from Rs 100 to Rs 6,200 per sq.ft. Karthik Nagar's 2024 figure of Rs 500 per sq.ft is higher than the median value of Rs 400 per sq.ft. The following are the guideline values for other streets in Mevaloorkuppam B:

• K G Flats: Rs 1,320 per sq.ft (2024)
• Kings Land: Rs 700 per sq.ft (2024)
• kingsland Extension: Rs 700 per sq.ft (2024)
• Kannadapalayam Street: Rs 100 per sq.ft (2024)
• Kulakkarai Street: Rs 700 per sq.ft (2024)
• Kulanthaivelu Nagar: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Karthik Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty is charged at 7%, which would be Rs 35,000, and the registration fee at 2%, totaling Rs 10,000. Together, the total cost for stamp duty and registration fee would be Rs 45,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Karthik Nagar?

The Sub Registrar Office that covers Karthik Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Mevaloorkuppam B. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is registered, the higher value between the guideline value and the sale price is considered for the calculation of these fees. This ensures that the transaction is taxed fairly based on the property's value as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Karthik Nagar?

The current guideline value of Karthik Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2023 to 2024?

The guideline value increased from Rs 250 per sq.ft in 2023 to Rs 500 per sq.ft in 2024, representing a 100% increase.

What is the land classification for Karthik Nagar?

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

Where is the Sub Registrar Office for Karthik Nagar located?

The Sub Registrar Office for Karthik Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is the stamp duty calculated for property in Karthik Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total cost for stamp duty and registration fees would be Rs 45,000.