Guideline Value for KUMARAN NAGAR

Kumaran Nagar guideline value

The current guideline value of Kumaran Nagar, located in Padi village under the Villivakkam SRO, is Rs 3,800 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under Residential Class IV Type - I land classification.

How the guideline value of Kumaran Nagar has changed

The guideline value for Kumaran Nagar has seen significant changes over the years. Starting from the 2002 revision, the guideline value was Rs 333 per sq.ft. This value increased to Rs 390 per sq.ft in 2003, marking a 17% rise. The following revisions showed a substantial increase, with the value reaching Rs 1,650 per sq.ft in 2007, which was a 323% increase from the previous year. By 2012, the value remained at Rs 3,500 per sq.ft, indicating no figure for this street in that year.

In the 2017 revision, the guideline value rose to Rs 2,345 per sq.ft, reflecting a 49% increase from the 2012 figure. The 2023 revision recorded a further increase to Rs 3,500 per sq.ft, and the latest revision in 2024 set the guideline value at Rs 3,800 per sq.ft, which is a 9% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1,041%.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value is Rs 3,800 per sq.ft, which is the same as the current guideline value for Kumaran Nagar.

• Kumaran Nagar Ext - I: Rs 3,800 per sq.ft (2024)
• Kumaran Nagar Ext - II "kurunji Street": Rs 3,800 per sq.ft (2024)
• Kumaran Nagar Ext - II "manickavasagar Street": Rs 3,800 per sq.ft (2024)
• Kumaran Nagar Ext - II "marutham Street": Rs 3,800 per sq.ft (2024)
• Kumaran Nagar Ext - II "mullai Street": Rs 3,800 per sq.ft (2024)
• Kumaran Nagar Ext - II "pillaiyar Koil Street": Rs 3,800 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 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total charges to Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Kumaran Nagar?

The Sub Registrar Office that covers Kumaran Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more assistance.

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

The guideline value is a critical factor in the registration process when buying or selling property in Padi. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kumaran Nagar?

The current guideline value of Kumaran Nagar is Rs 3,800 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 333 per sq.ft to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 1,041%.

What is the land classification for Kumaran Nagar?

Kumaran Nagar falls under Residential Class IV Type - I land classification, which indicates its suitability for residential purposes.

What are the stamp duty and registration fees for a property in Kumaran Nagar?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

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

The Villivakkam Sub Registrar Office covers Kumaran Nagar and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.