Guideline Value for Kumaran Nagar

Kumaran Nagar guideline value

The current guideline value of Kumaran Nagar, located in Velachery village under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - III.

How the guideline value of Kumaran Nagar has changed

The guideline value of Kumaran Nagar has seen significant changes over the years. In 2002, the value was Rs 150 per sq.ft, which increased to Rs 169 per sq.ft in 2003, marking a 13% rise. The value then experienced a substantial jump of 788% to reach Rs 1,500 per sq.ft in 2007. Following this, the value increased by 133% to Rs 3,500 per sq.ft in 2012, but then dropped by 33% to Rs 2,345 per sq.ft in 2017. The value rose again by 49% to Rs 3,500 per sq.ft in 2023, and finally increased by 10% to the current rate of Rs 3,850 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 2467%. There are no figures available for the revisions in years other than those listed.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft as of 2024. The median guideline value for the area is Rs 4,400 per sq.ft, placing Kumaran Nagar's 2024 figure below this median.

• Kumaran Nagar, Nehru Street, Lakshmi Nagar Extn: Rs 3,850 per sq.ft (2024)
• Kumaran Street: Rs 3,850 per sq.ft (2024)
• Kumaran Street, Annai Indira Nagar: Rs 4,400 per sq.ft (2024)
• Kubera Nagar North Extn: Rs 4,400 per sq.ft (2024)
• Kubera Nagar North: Rs 4,400 per sq.ft (2024)
• Kubera Nagar Extn: Rs 4,400 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 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the 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 details.

Which Sub Registrar Office covers Kumaran Nagar?

The Sub Registrar Office that covers Kumaran Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Velachery. When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the completion of the transaction. It ensures that the transaction is recorded accurately in the government registry.

Buyers and sellers should be aware that the guideline value is periodically revised, reflecting changes in the real estate market. It is essential to check the latest guideline value before proceeding with any property transaction to avoid discrepancies during registration.

Frequently asked questions

What is the current guideline value of Kumaran Nagar?

The current guideline value of Kumaran Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 150 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 2467% over the years.

What is the land classification of Kumaran Nagar?

Kumaran Nagar is classified as Residential Class II Type - III, which is important for understanding the zoning regulations applicable to the area.

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

For a property valued at Rs 38,50,000, the stamp duty is Rs 2,69,500 and the registration fee is Rs 77,000, totaling Rs 3,46,500 for these fees.

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

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, and it covers Kumaran Nagar.