Guideline Value for KUMARAN STREET

Kumaran Street guideline value

The current guideline value of Kumaran Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village, under the Chennai South Joint II SRO, and is classified as Residential Class II Type - II.

How the guideline value of Kumaran Street has changed

The guideline value for Kumaran Street has undergone several revisions over the years. In 2003, the value was Rs 417 per sq.ft, which increased to Rs 1,100 per sq.ft in 2007, marking a significant rise of 164%. The value then saw a substantial increase to Rs 2,500 per sq.ft in 2012, representing a 127% increase. However, between 2012 and 2017, the value decreased to Rs 1,675 per sq.ft, a drop of 33%. Following this, the value rose sharply to Rs 2,500 per sq.ft in 2023, and then to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2003 to 2024, the guideline value has increased by 559%. Notably, the register has no figure for Kumaran Street in 2002.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO, with guideline values ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value in this area is Rs 3,100 per sq.ft, indicating that Kumaran Street's 2024 guideline value is below this median.

• Kumuzhi Thottam: Rs 2,750 per sq.ft (2024)
• Kuppuswamy Padmavathi Nagar: Rs 2,750 per sq.ft (2024)
• Kurinchi Nagar 1st Main Road: Rs 3,550 per sq.ft (2024)
• Kurinchi Nagar 1st To 5th Cross Street: Rs 3,550 per sq.ft (2024)
• Kurinchi Nagar 2nd Main Road: Rs 3,550 per sq.ft (2024)
• Kurinji Nagar 1st & 2nd Lane: Rs 3,550 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kumaran Street?

Kumaran Street falls under the jurisdiction of the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Ramapuram. It serves as the basis for calculating the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must consider the guideline value to ensure compliance with legal and financial obligations.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to determine the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kumaran Street?

The current guideline value of Kumaran Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 417 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 559% over this period.

What are the other streets in Ramapuram with similar guideline values?

Other streets in Ramapuram with a guideline value of Rs 2,750 per sq.ft include Kumuzhi Thottam and Kuppuswamy Padmavathi Nagar.

What fees are associated with buying property in Kumaran Street?

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

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

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