Guideline Value for KURUNGI STREET

Kurungi Street guideline value

The current guideline value of Kurungi Street in Vengathur village is Rs 600 per sq.ft, effective from 1 July 2024. This street falls under the Manavalanagar SRO and is classified as Residential Class III Type - I.

How the guideline value of Kurungi Street has changed

The guideline value for Kurungi Street has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 125 per sq.ft, which saw a significant increase to Rs 600 per sq.ft in the 2012 revision. However, it then decreased to Rs 402 per sq.ft in the 2017 revision before returning to Rs 600 per sq.ft in both the 2023 and 2024 revisions. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, the value increased by 49%, while the change from 2012 to 2017 was a decrease of 33%. The substantial rise from 2007 to 2012 was 380%. Overall, from 2007 to 2024, the guideline value has increased by 380%.

Guideline values in Vengathur

In Vengathur, there are 186 streets under the Manavalanagar SRO, with guideline values ranging from Rs 500 to Rs 2,000 per sq.ft. The median value is Rs 1,000 per sq.ft, indicating that Kurungi Street's 2024 figure is below this median. Here are some other streets in Vengathur:

• Kuruvayur Steet: Rs 600 per sq.ft (2024)
• Kutti Mani Street: Rs 600 per sq.ft (2024)
• Kuppuswamy Nagar: Rs 1,300 per sq.ft (2024)
• Kumaran Street: Rs 700 per sq.ft (2024)
• Kumaran Nagar Main Road: Rs 1,300 per sq.ft (2024)
• Kumanan Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Kurungi Street

For a 1,000 sq.ft plot at the current rate of Rs 600 per sq.ft, the guideline value would be Rs 6,00,000. The stamp duty at 7% would amount to Rs 42,000, and the registration fee at 2% would be Rs 12,000, totaling Rs 54,000. It is important to note that 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 details.

Which Sub Registrar Office covers Kurungi Street?

The Sub Registrar Office that covers Kurungi Street is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vengathur. It is used to determine the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kurungi Street?

The current guideline value of Kurungi Street is Rs 600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 125 per sq.ft in 2007 to Rs 600 per sq.ft in 2012, decreased to Rs 402 per sq.ft in 2017, and returned to Rs 600 per sq.ft in 2023 and 2024.

What are the other streets in Vengathur with their guideline values?

Other streets in Vengathur include Kuruvayur Steet and Kutti Mani Street at Rs 600 per sq.ft, Kuppuswamy Nagar and Kumaran Nagar Main Road at Rs 1,300 per sq.ft, and Kumaran Street at Rs 700 per sq.ft.

Where is the Sub Registrar Office for Kurungi Street located?

The Sub Registrar Office for Kurungi Street is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.

How is the stamp duty calculated for properties in Kurungi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 6,00,000, the stamp duty would be Rs 42,000 at 7%, along with a registration fee of Rs 12,000 at 2%, totaling Rs 54,000.