Guideline Value for KR Garden Phase-II

KR Garden Phase-II guideline value

The current guideline value for KR Garden Phase-II in Somangalam village is Rs 400 per sq.ft, effective from 1 July 2024. The area falls under the Sriperumpudur SRO and is classified as Residential Special Type - I.

How the guideline value of KR Garden Phase-II has changed

Since the 2017 revision, the guideline value for KR Garden Phase-II has seen a significant increase. The 2017 revision set the value at Rs 268 per sq.ft, which remained unchanged in the 2023 revision at Rs 400 per sq.ft. However, the 2024 revision also maintains this value, resulting in an overall increase of 49% from 2017 to 2024.

Notably, there were no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The 2023 to 2024 revision saw no change, with a consistent rate of Rs 400 per sq.ft.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO, with guideline values ranging from Rs 150 to Rs 800 per sq.ft. The median value is Rs 350 per sq.ft, placing KR Garden Phase-II above this median at Rs 400 per sq.ft.

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

Stamp duty and registration fee for property in KR Garden Phase-II

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, bringing the total fees to Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers KR Garden Phase-II?

The KR Garden Phase-II area is covered by 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 during the registration process when buying or selling property in Somangalam. It determines the stamp duty and registration fees that need to be paid, which are based on the guideline value or the sale price, whichever is higher.

When engaging in property transactions, it is essential to be aware of the current guideline value, as it directly impacts the overall cost of the transaction, including fees and taxes that must be settled at the time of registration.

Frequently asked questions

What is the current guideline value of KR Garden Phase-II?

The current guideline value for KR Garden Phase-II is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained unchanged at Rs 400 per sq.ft from the 2023 revision to the 2024 revision. However, from the 2017 revision, there has been a 49% increase from Rs 268 per sq.ft to Rs 400 per sq.ft.

What is the land classification for KR Garden Phase-II?

KR Garden Phase-II is classified as Residential Special Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for a property in KR Garden Phase-II?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 28,000 and the registration fee would be Rs 8,000, totaling Rs 36,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for KR Garden Phase-II located?

The Sub Registrar Office covering KR Garden Phase-II is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.