Guideline Value for KUMARA GURUNATHA STREET

Kumara Gurunatha Street guideline value

The current guideline value of Kumara Gurunatha Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, which falls under the Mylapore SRO, and is classified as Residential Class V Type - III.

How the guideline value of Kumara Gurunatha Street has changed

The guideline value for Kumara Gurunatha Street has undergone several revisions over the years. In the 2002 revision, the value was Rs 699 per sq.ft, which increased to Rs 777 per sq.ft in 2003, marking an increase of 11%. The 2007 revision saw a significant jump to Rs 900 per sq.ft, a rise of 16%. By 2012, the value was revised to Rs 3,000 per sq.ft, reflecting a substantial increase of 233% from the previous revision. However, between 2012 and 2017, the value decreased to Rs 2,010 per sq.ft, a drop of 33%.

In the 2023 revision, the guideline value increased to Rs 3,000 per sq.ft, and in the latest 2024 revision, it has risen to Rs 3,300 per sq.ft, representing a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 372%. There are no figures available for any other years for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in the village is Rs 8,800 per sq.ft, placing Kumara Gurunatha Street's 2024 figure below this median.

• Kudharuthullah Alikhan Makkan: Rs 3,300 per sq.ft (2024)
• Krishnaswamy Iyer Avenue: Rs 16,500 per sq.ft (2024)
• Krishna Sha 6th Street: Rs 3,300 per sq.ft (2024)
• Krishna Sha 5th Street: Rs 3,300 per sq.ft (2024)
• Krishna Sha 4th Street: Rs 3,300 per sq.ft (2024)
• Krishna Sha 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Kumara Gurunatha Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kumara Gurunatha Street?

The Sub Registrar Office that covers Kumara Gurunatha Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling a property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which ensures that the transaction is fairly assessed for taxation purposes.

Frequently asked questions

What is the current guideline value of Kumara Gurunatha Street?

The current guideline value of Kumara Gurunatha Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 699 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 372% over the years.

What is the land classification for Kumara Gurunatha Street?

Kumara Gurunatha Street is classified as Residential Class V Type - III, indicating its designation for residential use within the area.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Kumara Gurunatha Street located?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.