Guideline Value for Nagathamman Koil Kulakkarai 2nd Street

Nagathamman Koil Kulakkarai 2nd Street guideline value

The current guideline value for Nagathamman Koil Kulakkarai 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class V Type - I.

How the guideline value of Nagathamman Koil Kulakkarai 2nd Street has changed

The guideline value for Nagathamman Koil Kulakkarai 2nd Street has seen several revisions over the years. In 2002, the guideline value was Rs 389 per sq.ft. This increased to Rs 426 per sq.ft in 2003, followed by a rise to Rs 500 per sq.ft in 2007. The value then surged to Rs 2,000 per sq.ft in 2012, before decreasing to Rs 1,340 per sq.ft in 2017. The most recent revisions show an increase to Rs 2,000 per sq.ft in 2023, and finally, the current value of Rs 2,200 per sq.ft from the 2024 revision.

Between the revisions, there have been notable changes. From 2002 to 2003, the value increased by 10%. The rise from 2003 to 2007 was 17%, followed by a significant jump of 300% from 2007 to 2012. However, there was a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and the latest revision has seen a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has risen by 466%.

Guideline values in Maduravoyal

In Maduravoyal, there are a total of 636 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for these streets is Rs 3,050 per sq.ft, placing Nagathamman Koil Kulakkarai 2nd Street's 2024 figure below this median.

• Nagathamman Koil Kulakkarai 1st Street: Rs 2,200 per sq.ft (2024)
• Nagathamman Koil Kulakkarai Street: Rs 2,200 per sq.ft (2024)
• Nagathamman Koil Street: Rs 2,200 per sq.ft (2024)
• Muthumariamman Nagar: Rs 2,200 per sq.ft (2024)
• Natesa Nagar: Rs 3,050 per sq.ft (2024)
• Nethaji Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Nagathamman Koil Kulakkarai 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 information on fees applicable to your property transaction.

Which Sub Registrar Office covers Nagathamman Koil Kulakkarai 2nd Street?

The Sub Registrar Office covering Nagathamman Koil Kulakkarai 2nd 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 details.

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

The guideline value is a critical factor in property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the higher of the guideline value or the actual sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Nagathamman Koil Kulakkarai 2nd Street?

The current guideline value for Nagathamman Koil Kulakkarai 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 389 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 466% over this period.

What is the registration office for Nagathamman Koil Kulakkarai 2nd Street?

The registration office for Nagathamman Koil Kulakkarai 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.

What are the other streets with the same guideline value in Maduravoyal?

Other streets in Maduravoyal with a 2024 guideline value of Rs 2,200 per sq.ft include Nagathamman Koil Kulakkarai 1st Street, Nagathamman Koil Kulakkarai Street, Nagathamman Koil Street, and Muthumariamman Nagar.