Guideline Value for Kumaran Nagar

Kumaran Nagar guideline value

The current guideline value of Kumaran Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Kumaran Nagar has changed

Over the years, the guideline value of Kumaran Nagar has seen several revisions. The earliest recorded revision was in 2012, where the guideline value was Rs 1,500 per sq.ft. This figure increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 33% rise. The most recent revision in 2024 saw another increase to Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 for this street. Overall, from 2012 to 2024, the guideline value has risen by 47%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for the village is Rs 1,600 per sq.ft, and Kumaran Nagar's 2024 figure of Rs 2,200 per sq.ft is above this median.

• Kumaran street 1st Street ( Ward No.1 ): Rs 1,600 per sq.ft (2024)
• Kumaran street 2nd Street ( Ward No.1 ): Rs 2,200 per sq.ft (2024)
• Kumaran street Extension Rd ( Ward No.1 ): Rs 2,200 per sq.ft (2024)
• Kumaran Street (Kuthira Kuthi Thazai) (Ward-01): Rs 1,600 per sq.ft (2024)
• Kumaran street Main Rd. ( Ward No.1 ): Rs 2,200 per sq.ft (2024)
• Kumaran Street / Nagar (Lakshmipuram): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Please 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 Nagar?

The Sub Registrar Office covering Kumaran Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value serves as a benchmark for the transaction. Buyers and sellers must ensure that the sale price is in accordance with the guideline value to avoid any legal issues during registration.

Frequently asked questions

What is the current guideline value of Kumaran Nagar?

The current guideline value of Kumaran Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 2,000 per sq.ft in 2023, and then to Rs 2,200 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2017 for this street.

What is the land classification for Kumaran Nagar?

Kumaran Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in Kumaran Nagar.