Guideline Value for KUMARASWAMY NAGAR

Kumaraswamy Nagar guideline value

The current guideline value of Kumaraswamy Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024. This area falls under the Sholinganallur - 1 village and is classified as Residential Class I Type - II. The Neelankarai SRO oversees the registration for this locality.

How the guideline value of Kumaraswamy Nagar has changed

The guideline value for Kumaraswamy Nagar has undergone several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent revision in 2023 set the guideline value at Rs 3,500 per sq.ft, which was then increased to Rs 3,900 per sq.ft in the 2024 revision, marking an increase of 11%.

Prior to the 2023 revision, there were no recorded figures for this street in the earlier years mentioned. The 2024 figure of Rs 3,900 per sq.ft is significantly higher than the previous year's value.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Kumaraswamy Nagar's 2024 figure above that median.

• Kumarasamy 5th Cross Street: Rs 3,900 per sq.ft (2024)
• Kumarasamy 4th Cross Street: Rs 3,900 per sq.ft (2024)
• Kumarasamy 3rd Main Street: Rs 3,900 per sq.ft (2024)
• Kumarasamy 3rd Cross Street: Rs 3,900 per sq.ft (2024)
• Kumarasamy 2nd Main Street: Rs 3,900 per sq.ft (2024)
• Kumarasamy 2nd Cross Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaraswamy Nagar

For a 1,000 sq.ft plot at the current rate of Rs 3,900 per sq.ft, the guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kumaraswamy Nagar?

The Kumaraswamy Nagar area is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial factor in the registration process when buying or selling property in Sholinganallur - 1. It determines 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 guideline value is used to calculate the stamp duty and registration fees, which are essential for the legal transfer of ownership. Buyers should be aware of these values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Kumaraswamy Nagar?

The current guideline value of Kumaraswamy Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

The guideline value increased from Rs 3,500 per sq.ft in 2023 to Rs 3,900 per sq.ft in 2024, reflecting an increase of 11%.

What is the land classification for Kumaraswamy Nagar?

Kumaraswamy Nagar is classified as Residential Class I Type - II, indicating its designation for residential purposes.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Kumaraswamy Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 39,00,000 would incur a stamp duty of Rs 2,73,000 at 7%.