Guideline Value for KUMARAN NAGAR EXTN

Kumaran Nagar Extn guideline value

The current guideline value of Kumaran Nagar Extn is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam Sub Registrar Office (SRO). The land classification for this street is Residential Class I Type - III.

How the guideline value of Kumaran Nagar Extn has changed

The guideline value for Kumaran Nagar Extn has seen several revisions over the years. The oldest recorded revision is from 2012, where the value was Rs 2,500 per sq.ft. This figure remained unchanged through the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 2,700 per sq.ft, marking an 8% rise from the previous year.

It is important to note that there are no recorded figures for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Korattur

In Korattur village, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Kumaran Nagar Extn's 2024 figure above this median.

• Kumarasamy Colony: Rs 2,100 per sq.ft (2024)
• Kuppu Reddy Nagar 'devadoss Street': Rs 3,300 per sq.ft (2024)
• Kuppu Reddy Nagar 'govinda Reddy Street': Rs 3,300 per sq.ft (2024)
• Kuppu Reddy Nagar 'govindasamy Street': Rs 3,300 per sq.ft (2024)
• Kuppu Reddy Nagar 'janakiraman Street': Rs 3,300 per sq.ft (2024)
• Kuppu Reddy Nagar 'nagammal Street': Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Nagar Extn

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the 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 Kumaran Nagar Extn?

The Sub Registrar Office that covers Kumaran Nagar Extn is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Korattur. It determines the amount of stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the buyer and seller must refer to the guideline value to calculate the applicable fees. This value serves as a benchmark, and the fees are calculated based on either the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Kumaran Nagar Extn?

The current guideline value of Kumaran Nagar Extn is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 2,500 per sq.ft from 2012 to 2023 and increased to Rs 2,700 per sq.ft in 2024. Overall, from 2012 to 2024, the increase is 8%.

What is the land classification for Kumaran Nagar Extn?

The land classification for Kumaran Nagar Extn is Residential Class I Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 27,00,000, the stamp duty is Rs 1,89,000 and the registration fee is Rs 54,000, totaling Rs 2,43,000. These fees are based on the higher of the guideline value or the sale price.

Which office handles the registration for Kumaran Nagar Extn?

The Villivakkam Sub Registrar Office handles the registration for Kumaran Nagar Extn. It is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.