Guideline Value for Kumaran Street

Kumaran Street guideline value

The current guideline value of Kumaran Street in Velachery village, under the Velacheri SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - III land classification.

How the guideline value of Kumaran Street has changed

The guideline value for Kumaran Street has seen several revisions over the years. In 2007, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012. However, it then decreased to Rs 2,345 per sq.ft in 2017. Following this, the value rose to Rs 3,500 per sq.ft in 2023 and further increased to the current rate of Rs 3,850 per sq.ft in 2024, marking a 10% rise from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 157%. The register has no figures for Kumaran Street for the years 2002 and 2003.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, making Kumaran Street's current value below this median.

• Kumaran Street, Annai Indira Nagar: Rs 4,400 per sq.ft (2024)
• Kumaran Nagar, Nehru Street, Lakshmi Nagar Extn: Rs 3,850 per sq.ft (2024)
• Kumaran Nagar: Rs 3,850 per sq.ft (2024)
• Lailtha Nagar / Pillaiyar Koil Street / Annai Inidra Nagar: Rs 4,400 per sq.ft (2024)
• Lake Veiw Road: Rs 4,400 per sq.ft (2024)
• Lake Veiw Road / Brindavan Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran Street

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, totaling 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 our stamp duty and registration fee calculator for more personalized calculations.

Which Sub Registrar Office covers Kumaran Street?

The Sub Registrar Office that covers Kumaran Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, visit find your SRO.

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

The guideline value is a critical factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded in accordance with the prevailing rates set by the government.

When you proceed with a transaction, the guideline value will influence the stamp duty and registration fees payable. This ensures that both buyers and sellers are aware of the financial implications associated with the property transfer.

Frequently asked questions

What is the current guideline value of Kumaran Street?

The current guideline value of Kumaran Street 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 1,500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 157% over this period.

What is the land classification of Kumaran Street?

Kumaran Street is classified as Residential Class II Type - III, indicating its designation for residential purposes.

What are the stamp duty and registration fees for property in Kumaran Street?

For a property valued at Rs 38,50,000, the stamp duty at 7% is Rs 2,69,500, and the registration fee at 2% is Rs 77,000, totaling Rs 3,46,500.

Which office handles property registrations for Kumaran Street?

The Velacheri Sub Registrar Office is responsible for property registrations in Kumaran Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.