Guideline Value for KUMARASWAMY NAGAR 2ND MAIN ROAD

Kumaraswamy Nagar 2nd Main Road guideline value

The current guideline value of Kumaraswamy Nagar 2nd Main Road is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Villivakkam village and falls under the Villivakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Kumaraswamy Nagar 2nd Main Road has changed

Over the years, the guideline value for Kumaraswamy Nagar 2nd Main Road has seen several revisions. The 2012 revision set the value at Rs 5,000 per sq.ft, which later dropped to Rs 3,350 per sq.ft in 2017. Following this, the value increased to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,500 per sq.ft from the 2024 revision. It is important to note that the register has no figure for this street for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The overall change from 2012 to 2024 reflects a 10% increase in the guideline value.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, making the current guideline value for Kumaraswamy Nagar 2nd Main Road above the median.

• Kumaraswamy Nagar 1st Main Road: Rs 5,500 per sq.ft (2024)
• Kumaraswamy Nagar Cross: Rs 5,500 per sq.ft (2024)
• Kumaraswamy Nagar: Rs 5,500 per sq.ft (2024)
• Kumaraswamy Nagar Main Road: Rs 5,500 per sq.ft (2024)
• Kumaraswamy Street: Rs 5,500 per sq.ft (2024)
• Kulakaraistreet (Or) Tank Raod: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaraswamy Nagar 2nd Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Kumaraswamy Nagar 2nd Main Road?

The Kumaraswamy Nagar 2nd Main Road is covered by 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Villivakkam. It is used to determine the stamp duty and registration fees applicable on the property, ensuring that these charges are based on the official valuation rather than the sale price.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the overall cost of the transaction. Buyers should ensure they are informed of the current guideline values to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of Kumaraswamy Nagar 2nd Main Road?

The current guideline value of Kumaraswamy Nagar 2nd Main Road is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2023 to Rs 5,500 per sq.ft in 2024, reflecting a 10% increase. The value also saw significant changes from Rs 3,350 per sq.ft in 2017 and Rs 5,000 per sq.ft in 2012.

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

Several other streets in Villivakkam have the same guideline value of Rs 5,500 per sq.ft as Kumaraswamy Nagar 2nd Main Road, including Kumaraswamy Nagar 1st Main Road, Kumaraswamy Nagar Cross, and Kumaraswamy Street.

What is the registration office for Kumaraswamy Nagar 2nd Main Road?

The registration office for Kumaraswamy Nagar 2nd Main Road is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at a rate of 7%.