Guideline Value for Karthik Street

Karthik Street guideline value

The current guideline value of Karthik Street, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Karthik Street has changed

In the 2012 revision, the guideline value was Rs 1,200 per sq.ft. This was followed by a decrease to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2024, the guideline value increased significantly to Rs 1,300 per sq.ft, reflecting a rise of 62%.

Overall, comparing the 2012 revision to the current 2024 value, there has been a slight increase of 8%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for Karthik Street.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that carry a guideline value for 2024, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Karthik Street's 2024 figure below this median.

• Karthik Nagar (Ward-29): Rs 2,200 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees to Rs 1,17,000. Note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Karthik Street?

Karthik Street is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for additional details.

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

The guideline value is a crucial factor during property registration in Madhavaram. It determines the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property, which is essential for legal and financial transactions. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Karthik Street?

The current guideline value of Karthik Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,300 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2023.

What is the land classification for Karthik Street?

Karthik Street is classified under Residential Class III Type - I. This classification impacts the guideline value and the type of developments permitted in the area.

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

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. The duty is based on the higher of the guideline value or the sale price.

Which Sub Registrar Office covers Karthik Street?

The Madhavaram Sub Registrar Office covers Karthik Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registration processes for properties in the area.