Guideline Value for Kasthuri Nagar

Kasthuri Nagar guideline value

The current guideline value of Kasthuri Nagar is Rs 400 per sq.ft, effective from 1 July 2024. This area is located in Somangalam village and falls under the Sriperumpudur SRO. The land classification for this street is Residential Special Type - I.

How the guideline value of Kasthuri Nagar has changed

Over the years, the guideline value of Kasthuri Nagar has seen several revisions. The 2007 revision set the value at Rs 50 per sq.ft, which increased significantly to Rs 400 per sq.ft in the 2012 revision. However, in the 2017 revision, the value decreased to Rs 268 per sq.ft. The 2023 revision maintained the value at Rs 400 per sq.ft, and this has remained unchanged in the 2024 revision.

From 2017 to 2023, there was a notable increase of 49%. The overall change from the 2007 revision to the 2024 revision is a substantial increase of 700%. It is important to note that the register has no figures for this street in the years 2002 and 2003.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft, with a median value of Rs 350 per sq.ft. The guideline value for Kasthuri Nagar is above this median.

• Karuneekar Nagar: Rs 250 per sq.ft (2024)
• Kanthapuri: Rs 400 per sq.ft (2024)
• KR Garden: Rs 250 per sq.ft (2024)
• KR Garden Phase-II: Rs 400 per sq.ft (2024)
• Kulakkarai street: Rs 400 per sq.ft (2024)
• Kundrathur main road: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Kasthuri Nagar

For a 1,000 sq.ft plot at the current rate of Rs 400 per sq.ft, the guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, making a total of Rs 36,000. 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 Kasthuri Nagar?

The Sub Registrar Office that covers Kasthuri Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Somangalam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the guideline value serves as a benchmark. Buyers and sellers must be aware of this value to ensure compliance with legal requirements and to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Kasthuri Nagar?

The current guideline value of Kasthuri Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 400 per sq.ft in 2012, decreased to Rs 268 per sq.ft in 2017, and then remained at Rs 400 per sq.ft in both 2023 and 2024.

What is the land classification for Kasthuri Nagar?

The land classification for Kasthuri Nagar is Residential Special Type - I.

What are the stamp duty and registration fees for property in Kasthuri Nagar?

For a property valued at Rs 4,00,000, the stamp duty would be Rs 28,000 and the registration fee would be Rs 8,000, totaling Rs 36,000.

Which Sub Registrar Office covers this area?

The Sriperumpudur Sub Registrar Office covers Kasthuri Nagar, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.