Guideline Value for KUMARA GURU AVENUE

Kumara Guru Avenue guideline value

The current guideline value of Kumara Guru Avenue in Okkiyamthuraipakkam village is Rs 2,800 per sq.ft, effective from 1 July 2024. This property falls under the Neelankarai SRO and is classified as Residential Class II Type - II.

How the guideline value of Kumara Guru Avenue has changed

The guideline value for Kumara Guru Avenue has seen significant changes over the years. In 2003, the value was Rs 140 per sq.ft, which increased to Rs 500 per sq.ft in 2007. Following that, the value jumped to Rs 2,500 per sq.ft in 2012, but then decreased to Rs 1,675 per sq.ft in 2017. The value rose again to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,800 per sq.ft as per the 2024 revision. Notably, there is no figure for this street in the 2002 revision.

From 2017 to 2023, there was a 49% increase, while the jump from 2023 to 2024 reflects a 12% increase. The most significant change occurred from 2007 to 2012, with a 400% increase. Overall, from 2003 to 2024, the guideline value has increased by 1900%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, placing Kumara Guru Avenue's 2024 figure below that median.

• KUMARAGURU AVENUE 1st STREET: Rs 2,800 per sq.ft (2024)
• KUMARAGURU AVENUE 2nd STREET: Rs 2,800 per sq.ft (2024)
• KUMARAGURU AVENUE 3rd STREET: Rs 2,800 per sq.ft (2024)
• KUMARAGURU AVENUE 4th STREET: Rs 2,800 per sq.ft (2024)
• KUMARAGURU AVENUE 5th STREET: Rs 2,800 per sq.ft (2024)
• Kulakkarai Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Kumara Guru Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, leading to a total of Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator to estimate your costs based on the property value.

Which Sub Registrar Office covers Kumara Guru Avenue?

The Sub Registrar Office that covers Kumara Guru Avenue is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, both the buyer and seller must be aware of the guideline value, as it affects the applicable stamp duty and registration fees. This ensures compliance with local regulations and helps avoid disputes during the registration process.

Frequently asked questions

What is the current guideline value of Kumara Guru Avenue?

The current guideline value of Kumara Guru Avenue is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting at Rs 140 per sq.ft in 2003 and reaching Rs 2,800 per sq.ft in 2024. The most notable increase occurred from 2007 to 2012, with a rise of 400%.

What is the land classification for Kumara Guru Avenue?

Kumara Guru Avenue is classified as Residential Class II Type - II, indicating its designation for residential purposes within the locality.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Kumara Guru Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 at a rate of 7%.