Guideline Value for Kumaran Colony

Kumaran Colony guideline value

The current guideline value of Kumaran Colony, located in Valasaravakkam village under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - I.

How the guideline value of Kumaran Colony has changed

The guideline value for Kumaran Colony has undergone several revisions over the years. In 2002, the value was Rs 429 per sq.ft, which increased to Rs 467 per sq.ft in 2003. Following this, the value rose to Rs 500 per sq.ft in 2007, and then saw a significant jump to Rs 2,500 per sq.ft in 2012. However, from 2012 to 2017, the value decreased to Rs 1,675 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 2,750 per sq.ft.

Between these revisions, the changes are notable. From 2002 to 2024, there has been an overall increase of 541%. The jump from 2007 to 2012 was particularly significant at 400%. In contrast, the period from 2012 to 2017 saw a decrease of 33%. The increase from 2017 to 2024 is recorded at 64%. It is important to note that the register has no figure for this street for the year 2023.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, indicating that Kumaran Colony's 2024 figure is below this median.

• Kumaran Avenue 2nd Street: Rs 2,750 per sq.ft (2024)
• Kumaran Avenue 1st Street: Rs 2,750 per sq.ft (2024)
• Kumaran Avenue: Rs 2,750 per sq.ft (2024)
• Kuberan Street: Rs 3,300 per sq.ft (2024)
• Kumaran Street: Rs 2,750 per sq.ft (2024)
• Krishna Street: Rs 5,550 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value is Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that 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 more information.

Which Sub Registrar Office covers Kumaran Colony?

The Sub Registrar Office that covers Kumaran Colony 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 Valasaravakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value is used to calculate the stamp duty and registration fees.

When a property is sold, the sale price must be compared to the guideline value. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price. This ensures that the registration fees reflect the true value of the transaction.

Frequently asked questions

What is the current guideline value of Kumaran Colony?

The current guideline value of Kumaran Colony is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 429 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 541% over this period.

What is the land classification of Kumaran Colony?

Kumaran Colony is classified as Residential Class IV Type - I, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Kumaran Colony?

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

How are stamp duty and registration fees calculated in Kumaran Colony?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 2,47,500.