Guideline Value for KUMARAN STREET

Kumaran Street guideline value

The current guideline value of Kumaran Street in Thirusulam village, under the Pallavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Kumaran Street has changed

The guideline value for Kumaran Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and further rose to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, comparing the values from 2012 to 2024, there has been a 10% increase. Notably, the register has no figures for the years 2002, 2003, and 2007 regarding this street.

Guideline values in Thirusulam

In Thirusulam, there are 74 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,080 to Rs 2,750 per sq.ft, with a median value of Rs 1,940 per sq.ft. The guideline value of Kumaran Street is above this median.

• Lakshmanan Nagar 1 To 10 Streets: Rs 2,200 per sq.ft (2024)
• Lakshmanan Nagar Highway Salai: Rs 1,940 per sq.ft (2024)
• Kodi Malar Street: Rs 2,200 per sq.ft (2024)
• Madras Dock Labour Colony: Rs 2,200 per sq.ft (2024)
• Kennady Veli Main Salai: Rs 1,940 per sq.ft (2024)
• Kennady Valley 1 to 3 Cross Streets: Rs 2,200 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 Street?

The Kumaran Street falls under the Pallavaram Sub Registrar Office located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Thirusulam. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately in the government records.

When a buyer or seller approaches the registration office, the guideline value helps in assessing the official value of the property. This valuation aids in transparency and helps avoid disputes regarding the property's worth during the transaction process.

Frequently asked questions

What is the current guideline value of Kumaran Street?

The current guideline value of Kumaran Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Kumaran Street?

Kumaran Street is classified as Residential Class II Type - II under the land classification system.

What are the stamp duty and registration fees for properties in Kumaran Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 22,00,000, the total fees would be Rs 1,98,000.

Which office handles the registration for Kumaran Street?

The registration for Kumaran Street is handled by the Pallavaram Sub Registrar Office located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.