Guideline Value for Kumaran street Main Rd. ( Ward No.1 )

Kumaran street Main Rd. ( Ward No.1 ) guideline value

The current guideline value of Kumaran street Main Rd. ( 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, and is classified as Residential Class I Type - I.

How the guideline value of Kumaran street Main Rd. ( Ward No.1 ) has changed

The guideline value for Kumaran street Main Rd. has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 33% rise. The most recent revision in 2024 raised the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year. It is important to note that the register has no figure for this street for the years 2002, 2003, 2007, and 2017.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 47%, highlighting the significant changes in property valuation over this period.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as of 2024. The median guideline value for these streets is Rs 1,600 per sq.ft, placing the 2024 figure for Kumaran street Main Rd. above this median.

• Kumaran Street (Kuthira Kuthi Thazai): Rs 1,600 per sq.ft (2024)
• Kumaran Street / Nagar (Lakshmipuram): Rs 2,200 per sq.ft (2024)
• Kumaran street Extension Rd ( Ward No.1 ): Rs 2,200 per sq.ft (2024)
• Kumaran Street (Sri Lakshmi Nagar): Rs 1,600 per sq.ft (2024)
• Kumaran Street (Ward No.1): Rs 2,200 per sq.ft (2024)
• Kumaran street 2nd Street ( Ward No.1 ): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaran street Main Rd. ( 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, charged at 7%, would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000. Thus, the total cost for these fees would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kumaran street Main Rd. ( Ward No.1 )?

The Sub Registrar Office that covers Kumaran street Main Rd. ( 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 details.

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

The guideline value plays a crucial role when buying or selling property in Madhavaram. It serves as a benchmark for determining the amount of stamp duty and registration fees that need to be paid during the transaction process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kumaran street Main Rd.?

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

How much has the guideline value changed since 2012?

Since 2012, the guideline value has increased from Rs 1,500 per sq.ft to Rs 2,200 per sq.ft in 2024, which is an overall increase of 47%.

What were the guideline values in previous revisions?

The guideline values in previous revisions are as follows: Rs 1,500 per sq.ft in 2012, Rs 2,000 per sq.ft in 2023, and Rs 2,200 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2017.

What is the stamp duty rate for properties in Kumaran street Main Rd.?

The stamp duty rate for properties in Kumaran street Main Rd. is 7% of the guideline value or the sale price, whichever is higher.

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 the registration of properties in the area.