Guideline Value for KUMARASWAMY STREET

Kumaraswamy Street guideline value

The current guideline value of Kumaraswamy Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Villivakkam village, under the Villivakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Kumaraswamy Street has changed

The guideline value for Kumaraswamy Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 592 per sq.ft. In 2003, it increased to Rs 675 per sq.ft, marking a 14% rise. The next revision in 2007 saw a significant jump to Rs 1,750 per sq.ft, which is an increase of 159%. The 2012 revision brought the value to Rs 5,000 per sq.ft, reflecting a substantial increase of 186% from the previous figure. However, in 2017, the value dropped to Rs 3,350 per sq.ft, a decrease of 33%. The 2023 revision set the value at Rs 5,000 per sq.ft, which was then revised to Rs 5,500 per sq.ft in 2024, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 829%. There are no figures available for the revisions in years not listed.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,900 per sq.ft, which means Kumaraswamy Street's current value is above that median.

• Kumaraswamy Nagar Main Road: Rs 5,500 per sq.ft (2024)
• Kumaraswamy Nagar Cross: Rs 5,500 per sq.ft (2024)
• Kumaraswamy Nagar 2nd Main Road: Rs 5,500 per sq.ft (2024)
• Kumaraswamy Nagar 1st Main Road: Rs 5,500 per sq.ft (2024)
• Kumaraswamy Nagar: 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 Street

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, leading to a total of Rs 4,95,000. 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 Kumaraswamy Street?

The Sub Registrar Office that covers Kumaraswamy Street 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 information.

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

The guideline value plays a crucial role during property transactions in Villivakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers should be aware of this value as it directly impacts the overall cost of the transaction.

When registering a property, the guideline value is considered to ensure that the transaction is recorded accurately. This helps in maintaining transparency and legality in property dealings within the region.

Frequently asked questions

What is the current guideline value of Kumaraswamy Street?

The current guideline value of Kumaraswamy Street 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 592 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 829% over the years.

What are the guideline values for other streets in Villivakkam?

Other streets in Villivakkam have varying guideline values, with some streets like Kumaraswamy Nagar Main Road and Kumaraswamy Nagar Cross also valued at Rs 5,500 per sq.ft in 2024.

What fees are associated with buying property on Kumaraswamy Street?

When buying property on Kumaraswamy Street, buyers should expect to pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located for Kumaraswamy Street?

The Sub Registrar Office for Kumaraswamy Street is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.