Guideline Value for Kuberan Nagar Extension 1st Street

Kuberan Nagar Extension 1st Street guideline value

The current guideline value of Kuberan Nagar Extension 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Kuberan Nagar Extension 1st Street has changed

The guideline value for Kuberan Nagar Extension 1st Street has undergone several revisions. The register has no figure for this street from the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 3,500 per sq.ft, which increased by 10% to Rs 3,850 per sq.ft in the 2024 revision.

This change reflects a significant adjustment in the guideline value, moving from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024. The increase indicates a shift in the valuation of properties in this area, aligning with the overall revisions in the region.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, making the 2024 figure for Kuberan Nagar Extension 1st Street above that median.

• Kuberan Nagar Extension 14th Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar Extension 2nd Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar Extension 13th Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar Extension 3rd Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar Extension 12th Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar Extension 5th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kuberan Nagar Extension 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kuberan Nagar Extension 1st Street?

The Kuberan Nagar Extension 1st Street falls under the jurisdiction of the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, which are essential components of the property transfer process. This ensures transparency and compliance with legal requirements in real estate transactions.

Frequently asked questions

What is the current guideline value for Kuberan Nagar Extension 1st Street?

The current guideline value for Kuberan Nagar Extension 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, reflecting a 10% rise.

What is the land classification for Kuberan Nagar Extension 1st Street?

Kuberan Nagar Extension 1st Street is classified under Residential Class I Type - I.

Where can I find the Velacheri Sub Registrar Office?

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

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at a rate of 7%.