Guideline Value for Karumariyamman Street

Karumariyamman Street guideline value

The current guideline value of Karumariyamman Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Karumariyamman Street has changed

The guideline value for Karumariyamman Street has undergone several revisions over the years. In 2002, the value was Rs 295 per sq.ft, which increased to Rs 331 per sq.ft in 2003. The following revisions saw significant changes, with the value rising to Rs 1,500 per sq.ft in 2007, then to Rs 3,500 per sq.ft in 2012. However, it decreased to Rs 2,345 per sq.ft in 2017, before rising again to Rs 3,500 per sq.ft in 2023 and finally reaching Rs 3,850 per sq.ft in 2024.

Between these revisions, the changes were notable. From 2002 to 2003, the increase was +12%. The value surged by +353% from 2003 to 2007. The increase from 2007 to 2012 was +133%, followed by a decrease of -33% from 2012 to 2017. The value then rose by +49% from 2017 to 2023, and finally increased by +10% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +1205%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, placing Karumariyamman Street's 2024 figure below this median.

• Karunakaran Street: Rs 3,850 per sq.ft (2024)
• Karunambigai Colony: Rs 4,400 per sq.ft (2024)
• Karunambigai Street: Rs 3,850 per sq.ft (2024)
• Karunanidhi Street: Rs 3,850 per sq.ft (2024)
• Karnam Street: Rs 4,400 per sq.ft (2024)
• Karikalan Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Karumariyamman 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 be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Karumariyamman Street?

The Sub Registrar Office that covers Karumariyamman Street is 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 Velachery

The guideline value is a crucial factor when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used by the registration authorities to calculate the applicable stamp duty and registration fees.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Karumariyamman Street?

The current guideline value of Karumariyamman Street 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 changed significantly, starting from Rs 295 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of +1205% over this period.

What is the median guideline value in Velachery?

The median guideline value in Velachery is Rs 4,400 per sq.ft, which is higher than the current value of Karumariyamman Street.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where is the Sub Registrar Office for Karumariyamman Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.