Guideline Value for Kumaran Colony

Kumaran Colony guideline value

The current guideline value of Kumaran Colony, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 3,300 per sq.ft. This rate is effective from the 2024 revision, which was implemented on 1 July 2024. The land classification for this area is Residential Class I Type - II.

How the guideline value of Kumaran Colony has changed

The guideline value for Kumaran Colony has seen significant changes over the years. In 2003, the guideline value was Rs 154 per sq.ft, which increased to Rs 600 per sq.ft in 2007, marking a substantial rise of 290%. By 2012, the value remained at Rs 3,000 per sq.ft, and this figure continued unchanged until the 2023 revision. In 2023, the guideline value was revised to Rs 3,000 per sq.ft, and then it increased to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2003 to 2024, the guideline value has increased by an impressive 2043%. It is important to note that there are no figures available for the revisions in 2002 and 2017 for this street.

Guideline values in Zaminpallavaram

Within Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, which is equal to the guideline value of Kumaran Colony.

• Kunasekarapuram: Rs 3,300 per sq.ft (2024)
• Kulakarai Street: Rs 3,300 per sq.ft (2024)
• Kurathiamman Koil Cross Street: Rs 2,750 per sq.ft (2024)
• Kurathiamman Koil Street: Rs 3,300 per sq.ft (2024)
• Kurunji Nagar: Rs 3,520 per sq.ft (2024)
• Krishnaswamy Street: Rs 3,850 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is essential to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Kumaran Colony?

The Kumaran Colony falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Zaminpallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair value of the property. It is essential for buyers to be aware of the guideline value to ensure they are not overpaying and for sellers to set a realistic price for their property based on these values.

Frequently asked questions

What is the current guideline value of Kumaran Colony?

The current guideline value of Kumaran Colony is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 154 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, showing a significant overall increase of 2043% over the years.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000. Duty is charged on the higher of the guideline value or the sale price.

Which Sub Registrar Office covers Kumaran Colony?

Kumaran Colony is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification of Kumaran Colony?

The land classification for Kumaran Colony is Residential Class I Type - II, indicating its suitability for residential development.