Guideline Value for Kumaran Lane (STREET)

Kumaran Lane (STREET) guideline value

The current guideline value of Kumaran Lane is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Cantonment Pallavaram village, under the Pallavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Kumaran Lane (STREET) has changed

The guideline value for Kumaran Lane has undergone several revisions over the years. In 2012, the guideline value was set at Rs 2,500 per sq.ft. This figure remained unchanged until the 2017 revision, where it was reduced to Rs 1,675 per sq.ft. However, from 2017 to 2023, there was a significant increase, with the value rising to Rs 2,500 per sq.ft. The most recent revision in 2024 saw the guideline value increase to Rs 2,700 per sq.ft.

In terms of percentage changes, the guideline value increased by 8% from 2023 to 2024. Between 2017 and 2023, there was a notable increase of 49%. Conversely, the 2012 to 2017 period saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Cantonment Pallavaram

Cantonment Pallavaram comprises 81 streets under the Pallavaram SRO, with a 2024 guideline value range from Rs 1,650 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which matches the current figure for Kumaran Lane.

• Kumaran Street: Rs 2,700 per sq.ft (2024)
• Kulathu Medu: Rs 2,200 per sq.ft (2024)
• Kumarasamy Chetty Street: Rs 3,300 per sq.ft (2024)
• Kumaraswamy Street: Rs 3,300 per sq.ft (2024)
• King Street: Rs 2,200 per sq.ft (2024)
• Kayalar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Lane (STREET)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, totaling Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kumaran Lane (STREET)?

The Sub Registrar Office that covers Kumaran Lane is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for additional assistance.

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

The guideline value plays a crucial role in property transactions in Cantonment Pallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, this value is used to calculate the applicable stamp duty and registration fees.

In the registration process, the guideline value ensures that properties are not undervalued, which helps maintain transparency and fairness in property dealings. Buyers and sellers should be aware of the guideline value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Kumaran Lane?

The current guideline value of Kumaran Lane is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification for Kumaran Lane?

Kumaran Lane is classified as Residential Class II Type - I, which indicates its suitability for residential development.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Kumaran Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000, along with a registration fee of Rs 54,000.