Guideline Value for Karthikeyapuram

Karthikeyapuram guideline value

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

How the guideline value of Karthikeyapuram has changed

The guideline value for Karthikeyapuram has seen several revisions over the years. The 2017 revision set the value at Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in the 2023 revision, reflecting a significant rise of 49%. The most recent 2024 revision has further increased the guideline value to Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values 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's 2024 figure above that median.

• Karthikeyapuram 10th Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 11th Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 11th Street 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 11th Street 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 11th Street 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Karthikeyapuram 12th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Karthikeyapuram

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. Together, these fees would total Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Karthikeyapuram?

The Karthikeyapuram area is covered by 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 when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the buyer and seller must adhere to the guideline value for the purpose of calculating applicable taxes and fees. This ensures transparency in property transactions and helps in maintaining a standard valuation across the region.

Frequently asked questions

What is the current guideline value of Karthikeyapuram?

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

What is the range of guideline values in Madipakkam-1?

The guideline values in Madipakkam-1 range from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft.

What fees are associated with property registration in Karthikeyapuram?

When registering property in Karthikeyapuram, the stamp duty is charged at 7% of the guideline value, and the registration fee is 2% of the guideline value.

Which office handles property registration for Karthikeyapuram?

The Velacheri Sub Registrar Office handles property registration for Karthikeyapuram. The office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.