Guideline Value for Kuberan Nagar New Colony

Kuberan Nagar New Colony guideline value

The current guideline value of Kuberan Nagar New Colony is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is part of Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - I.

How the guideline value of Kuberan Nagar New Colony has changed

In the 2017 revision, the guideline value was set at Rs 2,345 per sq.ft. The latest revision in 2024 shows a significant increase to Rs 3,850 per sq.ft, marking a change of +64% from the previous figure. The register does not provide figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

Comparatively, the increase from the 2017 revision to the 2024 revision reflects a substantial rise in the guideline value, indicating a notable change in the valuation of properties in this area over the years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO with a 2024 guideline value range from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Kuberan Nagar New Colony's 2024 figure above this median.

• Kuberan Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar New colony 7th Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar/Kaduvetti Vinayagar Koil Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar Extn 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar Extn 1st Main Road: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar South 1st Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kuberan Nagar New Colony

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, totaling 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, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kuberan Nagar New Colony?

The Kuberan Nagar New Colony 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 serves as a benchmark for property transactions in Madipakkam-1, determining the minimum value at which properties can be registered. This value is crucial for calculating the stamp duty and registration fees applicable during the sale or purchase of properties in the area.

When a property is sold or bought, the guideline value is compared with the sale price, and the higher of the two is used to compute the applicable duties. This ensures that the transaction is registered at a value that reflects the current market conditions as per the guidelines established by the Registration Department.

Frequently asked questions

What is the current guideline value of Kuberan Nagar New Colony?

The current guideline value of Kuberan Nagar New Colony is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, which is a change of +64%.

What is the land classification of Kuberan Nagar New Colony?

Kuberan Nagar New Colony is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 38,50,000, the total fees would amount to Rs 3,46,500.

Which Sub Registrar Office covers this area?

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