Guideline Value for K.P.Nagar 2nd Cross Street

K.P.Nagar 2nd Cross Street guideline value

The current guideline value of K.P.Nagar 2nd Cross Street is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of K.P.Nagar 2nd Cross Street has changed

The guideline value for K.P.Nagar 2nd Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,800 per sq.ft, which was then reduced to Rs 1,876 per sq.ft in the 2017 revision, marking a decrease of 33%. However, the following revisions saw a significant increase, with the 2023 revision bringing the value back up to Rs 2,800 per sq.ft, and the latest 2024 revision setting it at Rs 3,100 per sq.ft, reflecting an increase of 11% from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, which is equal to the current value of K.P.Nagar 2nd Cross Street.

• K.P.Nagar: Rs 3,550 per sq.ft (2024)
• K.P.Nagar 2nd Street: Rs 3,100 per sq.ft (2024)
• K.P.Nagar Ist Cross Street: Rs 3,100 per sq.ft (2024)
• K.P.Nagar Ist Street: Rs 3,100 per sq.ft (2024)
• Kothari Nagar New Street: Rs 4,400 per sq.ft (2024)
• KOTHARI NAGAR Annex: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in K.P.Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,100 per sq.ft, the total guideline value amounts to Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, making the total cost for these fees Rs 2,79,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers K.P.Nagar 2nd Cross Street?

The Sub Registrar Office that covers K.P.Nagar 2nd Cross Street is the Chennai South Joint II 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 Ramapuram

When buying or selling property in Ramapuram, the guideline value is a critical factor in determining the stamp duty and registration fees. The guideline value serves as a benchmark for the minimum price at which a property can be registered, ensuring that the transaction is recorded at a value that reflects the local market conditions.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial obligations during the registration process. Understanding these values can help in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of K.P.Nagar 2nd Cross Street?

The current guideline value of K.P.Nagar 2nd Cross Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then back to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What are the stamp duty and registration fees for a property in K.P.Nagar 2nd Cross Street?

For a 1,000 sq.ft property, the total guideline value is Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, totaling Rs 2,79,000.

Which Sub Registrar Office covers K.P.Nagar 2nd Cross Street?

The Chennai South Joint II Sub Registrar Office covers K.P.Nagar 2nd Cross Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

What is the land classification for K.P.Nagar 2nd Cross Street?

The land classification for K.P.Nagar 2nd Cross Street is Residential Class II Type - I.