Guideline Value for Karumari Nagar

Karumari Nagar guideline value

The current guideline value of Karumari Nagar, located in Payasampakkam village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under Residential Class I Type - I land classification.

How the guideline value of Karumari Nagar has changed

The guideline value of Karumari Nagar has seen several revisions over the years. Starting from Rs 22 per sq.ft in 2003, it increased significantly to Rs 300 per sq.ft in 2007, followed by a rise to Rs 500 per sq.ft in 2012. However, it then decreased to Rs 335 per sq.ft in 2017. The value then increased to Rs 500 per sq.ft in 2023, and currently stands at Rs 550 per sq.ft as of the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 2400%. The register has no figure for the year 2002 for this street.

Guideline values in Payasampakkam

In Payasampakkam village, there are 20 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 660 per sq.ft, with the median being Rs 550 per sq.ft. The guideline value for Karumari Nagar is equal to this median.

• Karumari Nagar Extn: Rs 550 per sq.ft (2024)
• Kantha Kottam Nagar: Rs 330 per sq.ft (2024)
• Kumarajan Nagar Annex - 1: Rs 550 per sq.ft (2024)
• Kumaran Nagar: Rs 550 per sq.ft (2024)
• Kumararajan Nagar Extn.: Rs 550 per sq.ft (2024)
• Kumar Rajan Nagar (A) Mahaveer Estate: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Karumari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. It is important to note that 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 information.

Which Sub Registrar Office covers Karumari Nagar?

Karumari Nagar falls under the jurisdiction of the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Payasampakkam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded at a fair value according to government standards.

When a property is sold, the buyer and seller must consider the guideline value to avoid discrepancies during registration. This value helps in assessing the financial obligations associated with the transaction, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Karumari Nagar?

The current guideline value of Karumari Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 22 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, marking a total increase of 2400% over this period.

What is the land classification for Karumari Nagar?

Karumari Nagar is classified as Residential Class I Type - I land, which is typical for residential developments.

Where can I find the Sub Registrar Office for Karumari Nagar?

The Sub Registrar Office covering Karumari Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Karumari Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 at 7%.