Guideline Value for KUMARAN COLONY 1 ST STREET

Kumaran Colony 1 St Street guideline value

The current guideline value of Kumaran Colony 1 St Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Mambalam village and falls under the Thiyagaraya nagar SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Kumaran Colony 1 St Street has changed

The guideline value for Kumaran Colony 1 St Street has seen significant changes over the years. In 2002, the value was Rs 520 per sq.ft, which increased to Rs 577 per sq.ft in 2003, marking an increase of 11%. Following this, the value rose to Rs 1,000 per sq.ft in 2007, reflecting a substantial increase of 73%. The value then jumped dramatically to Rs 7,000 per sq.ft in 2012, a remarkable increase of 600%. However, it decreased to Rs 4,690 per sq.ft in 2017, which was a decline of 33%. The value then increased again to Rs 7,000 per sq.ft in 2023, and most recently, it has risen to Rs 7,700 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1381%. There are no revisions listed in the register for the years not mentioned above.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, placing Kumaran Colony 1 St Street above this median at Rs 7,700 per sq.ft.

• Kumaran Colony 2nd Street: Rs 7,700 per sq.ft (2024)
• Kuppiah Chetty Street: Rs 12,100 per sq.ft (2024)
• Kuyavar 1st Lane: Rs 5,500 per sq.ft (2024)
• Kuyavar 2nd Lane: Rs 5,500 per sq.ft (2024)
• Kuyavar 3rd Lane: Rs 5,500 per sq.ft (2024)
• Kuyavar Street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Colony 1 St Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total fees together to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kumaran Colony 1 St Street?

The Sub Registrar Office that covers Kumaran Colony 1 St Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Mambalam. It serves as a reference point for determining the minimum value of a property, ensuring that the registration fees and stamp duties are calculated fairly based on the established rates.

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction. It is essential for both buyers and sellers to be aware of the current guideline values to make informed decisions during the registration process.

Frequently asked questions

What is the current guideline value of Kumaran Colony 1 St Street?

The current guideline value of Kumaran Colony 1 St Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 520 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 1381% over the years.

What is the land classification for Kumaran Colony 1 St Street?

The land classification for Kumaran Colony 1 St Street is Residential Class I Type - II.

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

For a property valued at Rs 77,00,000, the stamp duty is Rs 5,39,000 and the registration fee is Rs 1,54,000, totaling Rs 6,93,000.

Where is the Sub Registrar Office located for this street?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.