Guideline Value for Kumaran Nagar 2nd Street

Kumaran Nagar 2nd Street guideline value

The current guideline value of Kumaran Nagar 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village and falls under the Madhavaram SRO. The land classification for this area is Residential Class I Type - I.

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

The guideline value for Kumaran Nagar 2nd Street has seen several revisions over the years. The 2012 revision set the guideline value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. This was a decline of 33%. However, in the 2024 revision, the value increased significantly to Rs 2,700 per sq.ft, marking a rise of 61% from the 2017 figure.

Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 8%. It is important to note that there are no figures available for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value is Rs 2,700 per sq.ft, which is the same as the 2024 figure for Kumaran Nagar 2nd Street.

• Kumaran Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Kumaran Nagar (Koyyathoppu): Rs 2,700 per sq.ft (2024)
• Kuravar Kudisai: Rs 2,200 per sq.ft (2024)
• Kurinji Nagar Cross Street: Rs 2,700 per sq.ft (2024)
• Krishnan Street (Gandhi Nagar): Rs 2,700 per sq.ft (2024)
• Lakshmi Amman Koil Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Nagar 2nd 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, making the total cost Rs 2,43,000. 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 Nagar 2nd Street?

The Sub Registrar Office that covers Kumaran Nagar 2nd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is an essential factor in property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. It is crucial for both parties in a transaction to be aware of the guideline value to avoid any legal issues during the registration of property.

Frequently asked questions

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

The current guideline value of Kumaran Nagar 2nd Street 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, and then increased to Rs 2,700 per sq.ft in 2024. Overall, from 2012 to 2024, there has been an increase of 8%.

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

Kumaran Nagar 2nd Street is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Kumaran Nagar 2nd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000 at a rate of 7%.