Guideline Value for KUMUDAVALLI AVENUE

Kumudavalli Avenue guideline value

The current guideline value of Kumudavalli Avenue is Rs 2,200 per sq.ft. This street is located in Nerkundram village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Kumudavalli Avenue has changed

Over the years, the guideline value of Kumudavalli Avenue has seen significant changes. The earliest recorded figure in the register is from 2002, with a guideline value of Rs 108 per sq.ft. This value increased to Rs 119 per sq.ft in 2003, marking a 10% rise. The value then surged to Rs 300 per sq.ft in 2007, reflecting a substantial increase of 152%. By 2012, the guideline value reached Rs 2,000 per sq.ft, which was a remarkable jump of 567% from the previous revision. However, it saw a decrease of 33% to Rs 1,340 per sq.ft in 2017.

In the following years, the guideline value rose again, reaching Rs 2,000 per sq.ft in 2023, which was a 49% increase from 2017. The most recent revision, effective from 1 July 2024, has set the guideline value at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year. The overall change from 2002 to 2024 is an impressive 1,937% increase.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the guideline value of Kumudavalli Avenue.

• Krishna Nagar: Rs 2,200 per sq.ft (2024)
• Kothandaraman Nagar Extension: Rs 2,500 per sq.ft (2024)
• Kothandaraman Nagar: Rs 2,750 per sq.ft (2024)
• L.G.G.S. Colony: Rs 2,200 per sq.ft (2024)
• Madha Koil 1st Street: Rs 1,650 per sq.ft (2024)
• Madha Koil 2nd Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Kumudavalli Avenue

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 charges to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Kumudavalli Avenue?

The Sub Registrar Office that covers Kumudavalli Avenue is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with the legal requirements set forth by the registration department.

Frequently asked questions

What is the current guideline value of Kumudavalli Avenue?

The current guideline value of Kumudavalli Avenue 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 seen significant changes, increasing from Rs 108 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, which is an overall increase of 1,937%.

What is the registration office for Kumudavalli Avenue?

The registration office for Kumudavalli Avenue is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a total charge of Rs 1,98,000.

What is the land classification for Kumudavalli Avenue?

The land classification for Kumudavalli Avenue is Residential Class IV Type - I, indicating its suitability for residential development.