Guideline Value for Karumariamman Nagar

Karumariamman Nagar guideline value

The current guideline value of Karumariamman Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Tondaiarpet village, under the jurisdiction of the Royapuram SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Karumariamman Nagar has changed

The guideline value for Karumariamman Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following that, the 2023 revision increased it to Rs 1,200 per sq.ft, and the current 2024 revision has raised it to Rs 1,300 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it increased significantly by 49%. The overall change from 2012 to 2024 reflects an increase of 8% in the guideline value per sq.ft.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 10,100 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of Karumariamman Nagar is below this median.

• Karimedu Colony Street: Rs 1,300 per sq.ft (2024)
• Kasthuribai Street: Rs 1,300 per sq.ft (2024)
• Kathivakkam High Road: Rs 2,200 per sq.ft (2024)
• Kannu Thottam: Rs 1,300 per sq.ft (2024)
• Kavadi Thottam: Rs 1,300 per sq.ft (2024)
• Kanniappan Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Karumariamman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty charged at 7% would amount to Rs 91,000, while the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. 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 Karumariamman Nagar?

The Sub Registrar Office that covers Karumariamman Nagar is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Tondaiarpet. It is used to determine the stamp duty and registration fees payable during the registration process. Buyers and sellers should be aware that these costs are based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for ensuring compliance with local regulations and for accurately budgeting for the costs associated with property transactions in the area.

Frequently asked questions

What is the current guideline value of Karumariamman Nagar?

The current guideline value of Karumariamman Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, with the most recent increase from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024. The value also decreased from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017 before increasing again.

What is the land classification of Karumariamman Nagar?

Karumariamman Nagar is classified as Residential Class II Type - I. This classification indicates the intended use of the land within the area.

Where can I find the registration office for Karumariamman Nagar?

The registration office for Karumariamman Nagar is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How is stamp duty calculated for properties in Karumariamman Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.