Guideline Value for Karthikeyapuram 7th Street

Karthikeyapuram 7th Street guideline value

The current guideline value of Karthikeyapuram 7th 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 7th Street has changed

In the 2017 revision, the guideline value was Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 saw the guideline value rise to Rs 3,850 per sq.ft, which is a 10% increase from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from 2017 to 2024, the guideline value has increased by 64%. The consistent revisions reflect changes in the valuation of properties in this area.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Karthikeyapuram 7th Street's current value above the median.

• Karthikeyapuram 6th Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 8th Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 5th Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 9th Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 4th Street, III Cross Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram Erikarai Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Karthikeyapuram 7th 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, bringing the total charges to Rs 3,46,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Karthikeyapuram 7th Street?

The Karthikeyapuram 7th 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 at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling a property, it is essential to be aware of the current guideline value, as it impacts the financial obligations during the registration process. Buyers should ensure that the sale price is in line with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Karthikeyapuram 7th Street?

The current guideline value of Karthikeyapuram 7th Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, reflecting a total increase of 64% over this period.

What is the registration fee for property in Karthikeyapuram 7th Street?

The registration fee for property in Karthikeyapuram 7th Street is calculated at 2% of the guideline value. For a property valued at Rs 38,50,000, the registration fee would be Rs 77,000.

Which office handles registrations for Karthikeyapuram 7th Street?

The Velacheri Sub Registrar Office handles registrations for Karthikeyapuram 7th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft. Karthikeyapuram 7th Street's current guideline value is above this median.