Guideline Value for Moulana Abdul Kalam Street

Moulana Abdul Kalam Street guideline value

The current guideline value of Moulana Abdul Kalam Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Naravarikuppam village under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Moulana Abdul Kalam Street has changed

The guideline value for Moulana Abdul Kalam Street has undergone several revisions over the years. In 2007, the value was Rs 400 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012. However, it then saw a decrease to Rs 1,005 per sq.ft in 2017. The value rose again to Rs 1,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 1,650 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%. The 2023 to 2024 revision reflects a 10% increase. Overall, from 2007 to 2024, the guideline value has increased by 313%.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current value of Moulana Abdul Kalam Street.

• Mugamathu Nayakkar Street: Rs 1,320 per sq.ft (2024)
• Murthuja Hussian Sahib Street: Rs 1,320 per sq.ft (2024)
• M.K. Gandhi Street: Rs 1,320 per sq.ft (2024)
• Mettu Street: Rs 1,650 per sq.ft (2024)
• Muthuramalinga Devar Street: Rs 2,200 per sq.ft (2024)
• Muthusha Hussain Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Moulana Abdul Kalam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total fees Rs 1,48,500. Stamp duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Moulana Abdul Kalam Street?

The Sub Registrar Office that covers Moulana Abdul Kalam Street is 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 Naravarikuppam

The guideline value is an essential factor in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider the guideline value during negotiations and ensure that the property is registered at or above this value to comply with legal requirements.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Moulana Abdul Kalam Street?

The current guideline value of Moulana Abdul Kalam Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, from Rs 400 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024. The most notable increase occurred from 2017 to 2023, where it rose by 49%.

What is the land classification of Moulana Abdul Kalam Street?

Moulana Abdul Kalam Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Moulana Abdul Kalam Street?

The Redhills Sub Registrar Office, which covers Moulana Abdul Kalam Street, is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Naravarikuppam?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.