Guideline Value for Kumaran Colony 3rd Street

Kumaran Colony 3rd Street guideline value

The current guideline value of Kumaran Colony 3rd Street is Rs 6,050 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Mixed Special Type - III.

How the guideline value of Kumaran Colony 3rd Street has changed

The guideline value for Kumaran Colony 3rd Street has undergone several revisions over the years. In 2002, the value was Rs 1,039 per sq.ft, which increased to Rs 1,135 per sq.ft in 2003. Following that, the value rose significantly to Rs 1,800 per sq.ft in 2007, marking an increase of 59%. The 2012 revision saw the value at Rs 5,500 per sq.ft, reflecting a substantial increase of 206% from 2007. However, this figure dropped to Rs 3,685 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 5,500 per sq.ft in 2023, before reaching the current figure of Rs 6,050 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 482%. There are no revisions for this street in the years not 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 guideline value for these streets is Rs 4,400 per sq.ft, placing Kumaran Colony 3rd Street's 2024 figure above that median.

• Kumaran Colony 4th Street: Rs 6,050 per sq.ft (2024)
• Kumaran Colony 2nd 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 1st 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 3rd 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, bringing the total cost to Rs 5,44,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Kumaran Colony 3rd Street?

The Kumaran Colony 3rd Street falls under 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 plays a crucial role in the registration process when buying or selling property in Saligramam. It serves as the basis for calculating stamp duty and registration fees, ensuring that the transaction is recorded at an official value set by the government.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used for calculating the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kumaran Colony 3rd Street?

The current guideline value of Kumaran Colony 3rd 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 this period.

What is the stamp duty rate for properties in Kumaran Colony 3rd Street?

The stamp duty rate for properties in Kumaran Colony 3rd Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Virugambakkam Sub Registrar Office located?

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

How can I calculate the registration fee for a property in Kumaran Colony 3rd Street?

You can calculate the registration fee for a property in Kumaran Colony 3rd Street by using the guideline value and applying the 2% registration fee rate. A stamp duty and registration fee calculator is available for convenience.