Guideline Value for Karthikeyapuram 2nd Street

Karthikeyapuram 2nd Street guideline value

The current guideline value of Karthikeyapuram 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - I.

How the guideline value of Karthikeyapuram 2nd Street has changed

The guideline value for Karthikeyapuram 2nd Street has undergone several revisions over the years. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. However, in the 2023 revision, the guideline value was set at Rs 3,500 per sq.ft, and it increased by 10% to Rs 3,850 per sq.ft in the 2024 revision.

This change reflects a significant increase in the guideline value within a year. The 2024 figure of Rs 3,850 per sq.ft is the latest and shows an upward trend from the previous year's value.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Karthikeyapuram 2nd Street's 2024 guideline value is above this median.

• Karthikeyapuram 2nd Cross Street/Lalithambal Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 2nd Cross Street(Jaya Nagar): Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 3rd Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 4th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Karthikeyapuram 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Karthikeyapuram 2nd Street?

The Karthikeyapuram 2nd Street falls under 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 plays a crucial role in the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value must be considered, as it can influence the overall cost of the transaction. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Karthikeyapuram 2nd Street?

The current guideline value of Karthikeyapuram 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Karthikeyapuram 2nd Street?

Karthikeyapuram 2nd Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

Where can I find the Velacheri Sub Registrar Office?

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

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at 7%.