Guideline Value for Karumari Street

Karumari Street guideline value

The current guideline value of Karumari Street in Virugambakkam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Virugambakkam SRO and is classified as Residential Class IV Type - II.

How the guideline value of Karumari Street has changed

The guideline value for Karumari Street has undergone several revisions over the years. In 2002, the value was Rs 228 per sq.ft, which increased to Rs 253 per sq.ft in 2003, marking an increase of 11%. The value then saw a significant rise to Rs 500 per sq.ft in 2007, reflecting a 98% increase. Following this, the value rose dramatically to Rs 2,500 per sq.ft in 2012, a 400% increase. However, it decreased to Rs 1,675 per sq.ft in 2017, representing a decline of 33%. The value then increased again to Rs 2,500 per sq.ft in 2023, and most recently to Rs 2,750 per sq.ft in 2024, marking a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,106%. There are no figures available for revisions in years other than those listed.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Karumari Street is below this median.

• Kasthuri Street (Tharachand Nagar): Rs 3,300 per sq.ft (2024)
• Kanniyamman Koil Street: Rs 3,300 per sq.ft (2024)
• Kanniga Nagar Road: Rs 3,300 per sq.ft (2024)
• Kanniga Nagar: Rs 3,300 per sq.ft (2024)
• K.K.Nagar 10th Sector 54th Street: Rs 7,150 per sq.ft (2024)
• K.K.Nagar 10th Sector 55th Street: Rs 7,150 per sq.ft (2024)

Stamp duty and registration fee for property in Karumari Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, leading to a total of Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Karumari Street?

The Sub Registrar Office that covers Karumari Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are documented at a fair value.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Karumari Street?

The current guideline value of Karumari Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 228 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1,106% over this period.

What is the land classification for Karumari Street?

Karumari Street is classified as Residential Class IV Type - II, which indicates its intended use for residential purposes.

What are the stamp duty rates for properties in Karumari Street?

The stamp duty for properties in Karumari Street is charged at 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2%.

Where is the Sub Registrar Office for Karumari Street located?

The Sub Registrar Office covering Karumari Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.