Guideline Value for Kuberan Nagar 2nd Street

Kuberan Nagar 2nd Street guideline value

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

The guideline value for Kuberan Nagar 2nd Street has seen several revisions over the years. The latest revision in 2024 set the value at Rs 3,850 per sq.ft, which is an increase from Rs 3,500 per sq.ft in the 2023 revision. This change represents a 10% increase from the previous year.

Prior to the 2023 and 2024 revisions, the register has no figure for this street for the years 2017, 2012, 2007, 2003, and 2002. Therefore, the 2023 and 2024 figures are the only recorded values for Kuberan Nagar 2nd Street in recent years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO carrying a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Kuberan Nagar 2nd Street's 2024 guideline value of Rs 3,850 per sq.ft is above this median.

• Kuberan Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar 3rd Main Road: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar 3rd Street: Rs 3,850 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total 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. Together, the total cost for these fees would be Rs 3,46,500. Please note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Kuberan Nagar 2nd Street?

The Kuberan Nagar 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 details.

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

The guideline value is a crucial factor in property transactions in Madipakkam-1, as it determines the minimum value at which property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

When a property is sold, the guideline value impacts the stamp duty and registration fees that must be paid. It is important for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of Kuberan Nagar 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, reflecting a 10% increase. There are no recorded figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification of Kuberan Nagar 2nd Street?

Kuberan Nagar 2nd Street is classified as Residential Class I Type - I. This classification is important for determining the guideline value and potential uses of the land.

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

The Velacheri Sub Registrar Office covers Kuberan Nagar 2nd Street and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, for a 1,000 sq.ft plot at Rs 3,850 per sq.ft, the total fees would amount to Rs 3,46,500.