Guideline Value for Kuberan Nagar Extension 2nd Street

Kuberan Nagar Extension 2nd Street guideline value

The current guideline value of Kuberan Nagar Extension 2nd 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 2nd Street has changed

The guideline value for Kuberan Nagar Extension 2nd Street has seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 3,500 per sq.ft, which was then increased to Rs 3,850 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, there were no recorded figures for the street in the earlier years. The current value of Rs 3,850 per sq.ft is reflective of the latest revision and indicates a significant increase from the previous year.

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 value in this area is Rs 2,750 per sq.ft, placing Kuberan Nagar Extension 2nd Street's 2024 figure above that median.

• Kuberan Nagar Extension 1st Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar Extension 3rd Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar Extension 14th Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar Extension 5th Cross Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar Extension 13th Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar Extension 5th Street(Sri Balaji Nagar): Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kuberan Nagar Extension 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kuberan Nagar Extension 2nd Street?

The Kuberan Nagar Extension 2nd Street falls under 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 information.

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

The guideline value plays a crucial role during the registration process of property transactions in Madipakkam-1. It is the minimum value set by the government for properties in the area, which helps in determining the stamp duty and registration fees applicable to the transaction.

When buying or selling property, the guideline value ensures that the transaction is recorded at a value that reflects the market conditions set by the authorities. This helps maintain transparency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value of Kuberan Nagar Extension 2nd Street?

The current guideline value of Kuberan Nagar Extension 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, an increase of +10%. There are no recorded figures for the years 2002, 2003, 2007, 2012, and 2017.

What are the guideline values for other streets in Madipakkam-1?

Other streets in Madipakkam-1 have guideline values that also reflect the current rate of Rs 3,850 per sq.ft for several streets. This includes Kuberan Nagar Extension 1st, 3rd, 14th, 5th Cross, 13th, and 5th Street (Sri Balaji Nagar).

What is the registration fee for property in Kuberan Nagar Extension 2nd Street?

The registration fee for property in Kuberan Nagar Extension 2nd Street is calculated at 2% of the guideline value. For a property valued at Rs 38,50,000, the registration fee would be Rs 77,000.

Where can I find the Sub Registrar Office for Kuberan Nagar Extension 2nd Street?

The Velacheri Sub Registrar Office covers Kuberan Nagar Extension 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can visit their office for registration-related queries.