Guideline Value for Kumaran Colony 1st Street

Kumaran Colony 1st Street guideline value

The current guideline value of Kumaran Colony 1st Street is Rs 6,050 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Mixed Special Type - III.

How the guideline value of Kumaran Colony 1st Street has changed

Since the 2002 revision, the guideline value for Kumaran Colony 1st Street has seen significant changes. In 2002, the value was Rs 1,039 per sq.ft, which increased to Rs 1,135 per sq.ft in 2003, marking a 9% increase. The value then rose to Rs 2,062 per sq.ft in 2007, reflecting an 82% increase. By 2012, the value reached Rs 5,500 per sq.ft, a substantial increase of 167%. However, it dropped to Rs 3,685 per sq.ft in 2017, a decrease of 33%. The value then climbed to Rs 5,500 per sq.ft in 2023, and finally, the latest revision in 2024 set the value at Rs 6,050 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 482%. There are no figures available for the revisions in years other than those mentioned above.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Kumaran Colony 1st Street's 2024 value above this median.

• Kumaran Colony 2nd Street: Rs 6,050 per sq.ft (2024)
• Kumaran Colony 3rd Street: Rs 6,050 per sq.ft (2024)
• Kumaran Colony 4th Street: Rs 6,050 per sq.ft (2024)
• Kumaran Colony 5th Street: Rs 6,050 per sq.ft (2024)
• Kumaran Colony 6th Street: Rs 6,050 per sq.ft (2024)
• Kumaran Colony 7th Street: Rs 8,050 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,050 per sq.ft, the total guideline value amounts to Rs 60,50,000. The stamp duty at 7% would be Rs 4,23,500, and the registration fee at 2% would be Rs 1,21,000, making the total cost for these fees Rs 5,44,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Kumaran Colony 1st Street?

The Sub Registrar Office that covers Kumaran Colony 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process for property transactions in Saligramam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The fees are calculated based on the guideline value or the sale price, whichever is higher.

When selling property, the guideline value helps establish a baseline for pricing. Buyers and sellers often refer to the guideline value to ensure that the transaction aligns with the official rates set by the Registration Department.

Frequently asked questions

What is the current guideline value of Kumaran Colony 1st Street?

The current guideline value of Kumaran Colony 1st Street is Rs 6,050 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,039 per sq.ft in 2002 to Rs 6,050 per sq.ft in 2024, reflecting an overall increase of 482% over the years.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 60,50,000. The stamp duty would be Rs 4,23,500, and the registration fee would be Rs 1,21,000, totaling Rs 5,44,500.

Which office handles property registrations for Kumaran Colony 1st Street?

The Virugambakkam Sub Registrar Office handles property registrations for Kumaran Colony 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Kumaran Colony 1st Street?

The land classification for Kumaran Colony 1st Street is Mixed Special Type - III, indicating the type of development permitted in this area.