Guideline Value for Kumaran Colony 2nd Street

Kumaran Colony 2nd Street guideline value

The current guideline value of Kumaran Colony 2nd Street is Rs 6,050 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Mixed Special Type - III.

How the guideline value of Kumaran Colony 2nd Street has changed

The guideline value for Kumaran Colony 2nd Street has seen several revisions over the years. In 2002, the guideline value was Rs 1,123 per sq.ft, which increased to Rs 1,227 per sq.ft in 2003. Following that, the value rose to Rs 1,800 per sq.ft in 2007, marking a significant increase of 47% from the previous revision. In 2012, the value remained at Rs 5,500 per sq.ft, which was a notable decrease of 33% from the Rs 3,685 per sq.ft recorded in 2017. The value then jumped to Rs 5,500 per sq.ft in 2023, before reaching the current figure of Rs 6,050 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 439%. The revisions for the years 2012 and 2017 do not have a specific figure for this street in the register.

Guideline values in Saligramam

In Saligramam village, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Kumaran Colony 2nd Street is above this median.

• Kumaran Colony 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,050 per sq.ft, the total guideline value would be Rs 60,50,000. The stamp duty at 7% would amount to Rs 4,23,500, and the registration fee at 2% would be Rs 1,21,000, resulting in a total of Rs 5,44,500. It is important to note that the 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 details.

Which Sub Registrar Office covers Kumaran Colony 2nd Street?

The Sub Registrar Office covering Kumaran Colony 2nd 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Saligramam. It is used to determine the stamp duty and registration fees that must be paid during the transaction.

When registering a property, the guideline value serves as a benchmark to ensure that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. Buyers and sellers should be aware of these values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Kumaran Colony 2nd Street?

The current guideline value of Kumaran Colony 2nd 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 increased from Rs 1,123 per sq.ft in 2002 to Rs 6,050 per sq.ft in 2024, reflecting an overall increase of 439% over the years.

What is the land classification for Kumaran Colony 2nd Street?

Kumaran Colony 2nd Street is classified as Mixed Special Type - III.

What are the stamp duty and registration fees for property in Kumaran Colony 2nd Street?

For a property valued at 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.

Where is the Sub Registrar Office located for Kumaran Colony 2nd Street?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.