Guideline Value for KUMAR STREET 2ND CROSS ROAD

Kumar Street 2nd Cross Road guideline value

The current guideline value of Kumar Street 2nd Cross Road is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Koladi 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 Kumar Street 2nd Cross Road has changed

The guideline value for Kumar Street 2nd Cross Road has seen several revisions over the years. In 2012, the value was Rs 1,000 per sq.ft, which then decreased to Rs 670 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,000 per sq.ft in 2023, and then further rose to Rs 1,100 per sq.ft in 2024, marking a 10% increase from the previous year.

Between the 2017 revision and the 2023 revision, there was a notable increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Koladi

In Koladi, there are 175 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 660 to Rs 4,000 per sq.ft. The median value among these streets is Rs 1,100 per sq.ft, which is equal to the current guideline value of Kumar Street 2nd Cross Road.

• Kumar Street: Rs 1,100 per sq.ft (2024)
• Kumar Street Main And Cross Street: Rs 1,100 per sq.ft (2024)
• Lakeview (Koladi): Rs 660 per sq.ft (2024)
• Kulakkarai Street: Rs 660 per sq.ft (2024)
• Lakshmi Nagar: Rs 1,105 per sq.ft (2024)
• Krv Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Kumar Street 2nd Cross Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total fees together to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Kumar Street 2nd Cross Road?

The Kumar Street 2nd Cross Road falls under the jurisdiction of 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. For more details, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Koladi. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. 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 Kumar Street 2nd Cross Road?

The current guideline value of Kumar Street 2nd Cross Road is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then increased to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Kumar Street 2nd Cross Road?

The land classification for Kumar Street 2nd Cross Road is Residential Class II Type - I.

Where can I find the registration office for this area?

The registration office for Kumar Street 2nd Cross Road 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.

How is the stamp duty calculated for properties in Koladi?

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 11,00,000, the stamp duty would be Rs 77,000 at a rate of 7%.