Guideline Value for KUMARAN NAGAR

Kumaran Nagar guideline value

The current guideline value of Kumaran Nagar, located in Kolathuvancheri village, is Rs 1,320 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Kumaran Nagar has changed

The guideline value for Kumaran Nagar has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 500 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in 2012, marking a 140% rise. However, in the 2017 revision, the value decreased to Rs 804 per sq.ft, reflecting a 33% drop. The value then increased to Rs 1,200 per sq.ft in 2023, followed by a further increase to Rs 1,320 per sq.ft in the 2024 revision, which is a 10% rise from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 164%. The changes in values over the years illustrate the fluctuations in the guideline value for Kumaran Nagar.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, placing Kumaran Nagar's 2024 figure below this median.

• Lachathipathi Nagar: Rs 1,870 per sq.ft (2024)
• Lakshmi Avenue: Rs 990 per sq.ft (2024)
• Lakshmi Avenue 1st Street: Rs 990 per sq.ft (2024)
• Lakshmi Avenue 2nd Street: Rs 990 per sq.ft (2024)
• Kesavarthini Nagar 9th Cross Street: Rs 1,650 per sq.ft (2024)
• Kesavarthini Nagar 8th Cross Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, while the registration fee at 2% would be Rs 26,400, bringing the total charges to Rs 1,18,800. 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 details on calculating these fees.

Which Sub Registrar Office covers Kumaran Nagar?

The Sub Registrar Office that covers Kumaran Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kolathuvancheri. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, which are mandatory for any property transaction.

When a buyer and seller agree on a sale price, the registration authorities will use the higher of the sale price or the guideline value to assess the applicable fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Kumaran Nagar?

The current guideline value of Kumaran Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 500 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, showing a significant overall increase of 164% over the years.

What are the other streets in Kolathuvancheri and their guideline values?

Other streets in Kolathuvancheri include Lachathipathi Nagar at Rs 1,870 per sq.ft, Lakshmi Avenue at Rs 990 per sq.ft, and Kesavarthini Nagar 9th Cross Street at Rs 1,650 per sq.ft, among others.

What fees are associated with property transactions in Kumaran Nagar?

Fees for property transactions in Kumaran Nagar include a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Kumaran Nagar located?

The Sub Registrar Office for Kumaran Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.