Guideline Value for Kumaran Street (Sri Lakshmi Nagar)

Kumaran Street (Sri Lakshmi Nagar) guideline value

The current guideline value of Kumaran Street (Sri Lakshmi Nagar) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Kumaran Street (Sri Lakshmi Nagar) has changed

Over the years, the guideline value for Kumaran Street (Sri Lakshmi Nagar) has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which increased to Rs 1,500 per sq.ft in the 2023 revision. The latest 2024 revision has further increased this value to Rs 1,600 per sq.ft, marking a 7% rise from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 33%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street. The increase from 2012 to 2023 was 25%, indicating a significant rise in the guideline value over the last decade.

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, with the median value being Rs 1,600 per sq.ft. The guideline value of Kumaran Street (Sri Lakshmi Nagar) aligns with this median.

• Kumaran Street / Nagar (Lakshmipuram): Rs 2,200 per sq.ft (2024)
• Kumaran Street (Ward No.1): Rs 2,200 per sq.ft (2024)
• Kumaran St ( Ward No.28 ): Rs 2,200 per sq.ft (2024)
• Kumaran street Main 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)
• Kumarappa Puram (P&T) Colony: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Street (Sri Lakshmi Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, while the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. 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 Street (Sri Lakshmi Nagar)?

The Sub Registrar Office that covers Kumaran Street (Sri Lakshmi 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 in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately and fairly.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This helps in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Kumaran Street (Sri Lakshmi Nagar)?

The current guideline value of Kumaran Street (Sri Lakshmi Nagar) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,200 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, marking an overall increase of 33% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which Sub Registrar Office covers Kumaran Street?

The Madhavaram Sub Registrar Office covers Kumaran Street (Sri Lakshmi Nagar), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Kumaran Street (Sri Lakshmi Nagar)?

Kumaran Street (Sri Lakshmi Nagar) is classified as Residential Class II Type - I.