Guideline Value for KUMAR STREET

Kumar Street guideline value

The current guideline value of Kumar Street in Koladi village is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - I.

How the guideline value of Kumar Street has changed

The guideline value for Kumar Street has seen several revisions over the years. In 2007, the guideline value was Rs 250 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012, marking a 300% rise. However, it dropped to Rs 670 per sq.ft in 2017, a decrease of 33%. Following this, the value rose to Rs 1,000 per sq.ft in 2023, and then further increased to Rs 1,100 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 340%.

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, with the median being Rs 1,100 per sq.ft. Kumar Street's 2024 figure aligns with this median.

• Kumar Street 2nd Cross Road: 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

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the 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, totaling Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kumar Street?

Kumar Street is covered by 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 details.

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

The guideline value is a critical factor during the registration of property transactions in Koladi. It serves as a baseline for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps determine the minimum value at which the property can be registered. This ensures transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Kumar Street?

The current guideline value of Kumar Street 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 several times, from Rs 250 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 340% since 2007.

What are the other streets in Koladi with similar guideline values?

Other streets in Koladi with a 2024 guideline value of Rs 1,100 per sq.ft include Kumar Street 2nd Cross Road and Kumar Street Main And Cross Street.

What is the registration fee for property in Kumar Street?

The registration fee for property in Kumar Street is calculated based on the guideline value. For example, a property valued at Rs 11,00,000 would incur a registration fee of Rs 22,000 at a rate of 2%.

Which Sub Registrar Office covers properties in Koladi?

The Chennai South Joint II Sub Registrar Office covers properties in Koladi. It is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.