Guideline Value for Kubera Nagar

Kubera Nagar guideline value

The current guideline value of Kubera Nagar, located in Velachery village under the Velacheri SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of Kubera Nagar has changed

The guideline value of Kubera Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 143 per sq.ft, which increased to Rs 194 per sq.ft in 2003, marking a 36% rise. Following this, the value surged to Rs 1,500 per sq.ft in 2007, reflecting a substantial increase of 673%. The next revision in 2023 set the value at Rs 4,000 per sq.ft, which was a 167% increase from the previous figure. The latest revision in 2024 has further raised the value to Rs 4,400 per sq.ft, a 10% increase from 2023.

It is important to note that there are no recorded figures for the years 2012 and 2017 for this street. Overall, from 2002 to 2024, the guideline value has increased by an impressive 2977%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which aligns with the current guideline value of Kubera Nagar.

• Kubera Nagar Extn: Rs 4,400 per sq.ft (2024)
• Kubera Nagar North: Rs 4,400 per sq.ft (2024)
• Kubera Nagar North Extn: Rs 4,400 per sq.ft (2024)
• K.R.Ramasamy Street: Rs 4,400 per sq.ft (2024)
• K.R. Ramasamy Nagar: Rs 4,400 per sq.ft (2024)
• Krishnaraj Nagar Extn 3rd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kubera Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total charges to Rs 3,96,000. 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 details.

Which Sub Registrar Office covers Kubera Nagar?

Kubera Nagar is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees applicable during the registration process. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements.

When a property is sold, the registration office uses the guideline value to calculate the applicable fees. This ensures that the transaction is recorded accurately and reflects the value of the property according to the current regulations.

Frequently asked questions

What is the current guideline value of Kubera Nagar?

The current guideline value of Kubera Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2002, the guideline value has increased significantly from Rs 143 per sq.ft to Rs 4,400 per sq.ft in 2024, marking an overall increase of 2977%.

What are the other streets with the same guideline value in Velachery?

Other streets in Velachery with the same guideline value of Rs 4,400 per sq.ft include Kubera Nagar Extn, Kubera Nagar North, K.R.Ramasamy Street, and others.

What fees are associated with buying property in Kubera Nagar?

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

Where can I find the Sub Registrar Office for Kubera Nagar?

The Velacheri Sub Registrar Office, which covers Kubera Nagar, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.