Guideline Value for SHRI KARPAGA VINAYAGAR NAGAR

Shri Karpaga Vinayagar Nagar guideline value

The current guideline value of Shri Karpaga Vinayagar Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class IV Type - II.

How the guideline value of Shri Karpaga Vinayagar Nagar has changed

Over the years, the guideline value of Shri Karpaga Vinayagar Nagar has seen significant changes. The earliest recorded value in 2002 was Rs 47 per sq.ft, which increased to Rs 100 per sq.ft in 2003, marking a 113% increase. By 2007, the value rose dramatically to Rs 400 per sq.ft, reflecting a 300% increase. The 2012 revision saw a decrease to Rs 1,200 per sq.ft, a drop of 33%. In 2017, the value increased to Rs 804 per sq.ft, and the most recent revision in 2024 set the value at Rs 1,320 per sq.ft, representing a 64% increase from 2017. Notably, there is no figure for this street in the 2023 revision.

From the 2002 revision to the 2024 revision, the overall increase in guideline value is 2709%. The changes between the revisions illustrate the fluctuations in property valuation over the years, with the most substantial increase occurring between 2007 and 2012, where the value surged by 200%.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Shri Karpaga Vinayagar Nagar's 2024 figure below the median.

• Shri Jaya Anjenayar Nagar: Rs 1,650 per sq.ft (2024)
• Shri Krishna Nagar: Rs 1,320 per sq.ft (2024)
• Shri Ganapathi Nagar: Rs 1,320 per sq.ft (2024)
• Shridharan V Nagar: Rs 2,200 per sq.ft (2024)
• Shri Balaji Nagar: Rs 1,320 per sq.ft (2024)
• Shri Ayya Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Shri Karpaga Vinayagar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, resulting in a total of Rs 1,18,800. It is important to note that 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 Shri Karpaga Vinayagar Nagar?

The Sub Registrar Office that covers Shri Karpaga Vinayagar Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers must ensure that the sale price is at least equal to the guideline value to avoid any issues during registration.

Additionally, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial implications of the transaction, as these costs are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Shri Karpaga Vinayagar Nagar?

The current guideline value of Shri Karpaga Vinayagar Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 47 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 2709% over the years.

What is the land classification for Shri Karpaga Vinayagar Nagar?

The land classification for Shri Karpaga Vinayagar Nagar is Residential Class IV Type - II.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 at a rate of 7%.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Shri Karpaga Vinayagar Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.