Guideline Value for Kumaran street 2nd Street ( Ward No.1 )

Kumaran street 2nd Street ( Ward No.1 ) guideline value

The current guideline value for Kumaran street 2nd Street ( Ward No.1 ) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Kumaran street 2nd Street ( Ward No.1 ) has changed

The guideline value for Kumaran street 2nd Street has seen several revisions over the years. The earliest recorded revision was in 2012, where the value was Rs 1,500 per sq.ft. This increased to Rs 2,000 per sq.ft in 2023, marking a 33% rise from the previous revision. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, reflecting a 10% increase from 2023. Overall, from 2012 to 2024, the guideline value has increased by 47%.

It is important to note that the register has no figures for Kumaran street 2nd Street for the years 2002, 2003, 2007, and 2017.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value across these streets is Rs 1,600 per sq.ft, positioning Kumaran street 2nd Street above this median.

• Kumaran street 1st Street ( Ward No.1 ): Rs 1,600 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)
• Kumaran Street (Sri Lakshmi Nagar): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran street 2nd Street ( Ward No.1 )

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 fees to Rs 1,98,000. Duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Kumaran street 2nd Street ( Ward No.1 )?

The Sub Registrar Office that covers Kumaran street 2nd Street ( Ward No.1 ) is 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 Madhavaram

The guideline value plays a crucial role in property transactions in Madhavaram. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. The guideline value is set by the government and is updated periodically to reflect changes in the market.

When registering a property, buyers must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the fees collected are aligned with the current market conditions, providing a fair basis for taxation.

Frequently asked questions

What is the current guideline value for Kumaran street 2nd Street?

The current guideline value for Kumaran street 2nd Street ( Ward No.1 ) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2012, the guideline value has increased from Rs 1,500 per sq.ft to Rs 2,200 per sq.ft in 2024. This represents an overall increase of 47% over the twelve-year period.

What is the land classification for Kumaran street 2nd Street?

Kumaran street 2nd Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles property registrations for the area.

How is stamp duty calculated for properties in Madhavaram?

Stamp duty for properties in Madhavaram is calculated based on the higher of the guideline value or the sale price. The current rate is 7% for stamp duty and 2% for the registration fee.