Guideline Value for Karuneekar Nagar

Karuneekar Nagar guideline value

The current guideline value of Karuneekar Nagar is Rs 250 per sq.ft, effective from 1 July 2024. This street is located in Somangalam village, under the Sriperumpudur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Karuneekar Nagar has changed

Over the years, the guideline value for Karuneekar Nagar has seen several revisions. In 2007, the guideline value was Rs 125 per sq.ft. This figure increased to Rs 250 per sq.ft in the 2012 revision, marking a 100% rise. However, in the 2017 revision, the value was adjusted down to Rs 167 per sq.ft, a decrease of 33%. The 2023 revision maintained the value at Rs 250 per sq.ft, and the current guideline value remains the same at Rs 250 per sq.ft from the 2024 revision, reflecting no change from the previous year.

To summarize the changes: from 2017 to 2023, the guideline value increased by 50%. Overall, from 2007 to 2024, there has been a 100% increase in the guideline value for this street.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft, with a median value of Rs 350 per sq.ft. The guideline value for Karuneekar Nagar is below this median.

• Kasthuri Nagar: Rs 400 per sq.ft (2024)
• Kanthapuri: Rs 400 per sq.ft (2024)
• KR Garden: Rs 250 per sq.ft (2024)
• KR Garden Phase-II: Rs 400 per sq.ft (2024)
• Kulakkarai street: Rs 400 per sq.ft (2024)
• Kundrathur main road: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Karuneekar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value would be Rs 2,50,000. The stamp duty at 7% would be Rs 17,500, and the registration fee at 2% would be Rs 5,000, bringing the total fees to Rs 22,500. It is important to note that the 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 details.

Which Sub Registrar Office covers Karuneekar Nagar?

The Sub Registrar Office that covers Karuneekar Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Somangalam. It is used to determine the stamp duty and registration fees that must be paid during the transaction process.

When buying or selling property, the guideline value serves as a benchmark for the transaction. Buyers and sellers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, ensuring that the correct fees are paid to the authorities.

Frequently asked questions

What is the current guideline value of Karuneekar Nagar?

The current guideline value of Karuneekar Nagar is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent being Rs 250 per sq.ft in 2023 and 2024. It was Rs 167 per sq.ft in 2017 and Rs 250 per sq.ft in 2012.

What is the land classification for Karuneekar Nagar?

Karuneekar Nagar is classified as Residential Class II Type - I, indicating its designation for residential purposes within the area.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, on a 1,000 sq.ft plot valued at Rs 2,50,000, the total fees would be Rs 22,500.

Where is the Sub Registrar Office for Karuneekar Nagar located?

The Sub Registrar Office for Karuneekar Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.