Guideline Value for Kumaran Street

Kumaran Street guideline value

The current guideline value of Kumaran Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Kumaran Street has changed

The guideline value for Kumaran Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft, which then decreased to Rs 1,541 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,300 per sq.ft in the 2023 revision, and it has now risen to Rs 2,500 per sq.ft with the 2024 revision.

Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street. The changes between revisions include a 49% increase from 2017 to 2023, a 9% increase from 2023 to 2024, and a 33% decrease from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 9%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, which is equal to the current value of Kumaran Street.

• Kunjidham Guruswamy Street: Rs 1,900 per sq.ft (2024)
• Kuppusamy Dasan 1st Street: Rs 2,200 per sq.ft (2024)
• Kuppusamy Dasan Street: Rs 2,200 per sq.ft (2024)
• Kulasekarandasan Street / Kulasekaran Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Amman 1st Street: Rs 3,000 per sq.ft (2024)
• Lakshmi Amman 2nd Street: Rs 3,000 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 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. 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 accurate calculations.

Which Sub Registrar Office covers Kumaran Street?

Kumaran Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When registering a property, buyers must ensure that the sale price is equal to or greater than the guideline value. This ensures that the correct amount of stamp duty is calculated based on the higher value.

Frequently asked questions

What is the current guideline value of Kumaran Street?

The current guideline value of Kumaran Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

What is the land classification for Kumaran Street?

Kumaran Street is classified as Residential Class III Type - I.

What is the registration office for Kumaran Street?

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

How is stamp duty calculated for properties in Kumaran Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 25,00,000 would incur a stamp duty of Rs 1,75,000 at 7%.