Guideline Value for KUMARAN COLONY

Kumaran Colony guideline value

The current guideline value of Kumaran Colony, located in Kilkattalai village, is Rs 1,980 per sq.ft, effective from 1 July 2024. This area falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Kumaran Colony has changed

The guideline value for Kumaran Colony has seen several revisions over the years. The earliest available figure is from 2012, which was set at Rs 1,800 per sq.ft. This figure remained unchanged until the 2017 revision, which decreased to Rs 1,206 per sq.ft, reflecting a decline of 33%. The value then increased to Rs 1,800 per sq.ft in 2023, before rising again to the current rate of Rs 1,980 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kilkattalai

Kilkattalai village has a total of 194 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,530 per sq.ft, placing the current guideline value of Kumaran Colony below that median.

• Kumaran Nagar: Rs 2,530 per sq.ft (2024)
• Kumaran Nagar Saroja Ammal Street: Rs 2,530 per sq.ft (2024)
• Kula Street: Rs 1,080 per sq.ft (2024)
• Lake view Street (Erikkarai Street): Rs 2,530 per sq.ft (2024)
• Lakshmi Colony: Rs 2,530 per sq.ft (2024)
• Lakshmi Colony Extn: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value would be Rs 19,80,000. The stamp duty at 7% would amount to Rs 1,38,600, while the registration fee at 2% would be Rs 39,600. Together, the total cost for stamp duty and registration would be Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Kumaran Colony?

The Sub Registrar Office that covers Kumaran Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kilkattalai, as it determines the minimum value at which properties can be registered. When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Buyers and sellers must be aware that the stamp duty is charged based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kumaran Colony?

The current guideline value of Kumaran Colony is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,980 per sq.ft in 2024.

What are the guideline values of other streets in Kilkattalai?

Other streets in Kilkattalai have varying guideline values, ranging from Rs 1,080 to Rs 5,500 per sq.ft, with the median being Rs 2,530 per sq.ft.

What fees are associated with buying property in Kumaran Colony?

When buying property in Kumaran Colony, the fees include stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Kumaran Colony?

The Sub Registrar Office covering Kumaran Colony is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.