Guideline Value for Kumarasami Nagar Part - II

Kumarasami Nagar Part - II guideline value

The current guideline value of Kumarasami Nagar Part - II is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Nenmeli village and falls under the Chengleput Joint I SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Kumarasami Nagar Part - II has changed

The guideline value for Kumarasami Nagar Part - II has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 500 per sq.ft, which remains unchanged from the 2023 revision. Prior to that, in 2017, the guideline value was Rs 410 per sq.ft. The register has no figures for the years 2002, 2003, 2007, and 2012.

From 2017 to 2023, there was a 22% increase in the guideline value, bringing it to Rs 500 per sq.ft in 2023. Overall, from 2017 to 2024, the guideline value has increased by 22% as well, maintaining the same rate in the subsequent revisions.

Guideline values in Nenmeli

Nenmeli village has a total of 53 streets under the Chengleput Joint I SRO, with the 2024 guideline values ranging from Rs 400 to Rs 2,500 per sq.ft. The median guideline value for these streets is Rs 612 per sq.ft, placing Kumarasami Nagar Part - II below this median.

• Kumarasamy Nagar: Rs 500 per sq.ft (2024)
• Lake Avenue: Rs 800 per sq.ft (2024)
• M.V.R.Garden: Rs 1,045 per sq.ft (2024)
• Nbj Avenue: Rs 1,195 per sq.ft (2024)
• Nsр காலனி: Rs 612 per sq.ft (2024)
• Ford Union City: Rs 400 per sq.ft (2024)

Stamp duty and registration fee for property in Kumarasami Nagar Part - II

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty, charged at 7%, would amount to Rs 35,000, while the registration fee at 2% would be Rs 10,000. Together, the total fees would be Rs 45,000. It is important to note that 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 more details.

Which Sub Registrar Office covers Kumarasami Nagar Part - II?

The Kumarasami Nagar Part - II area is covered by the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002., in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions within Nenmeli. It serves as a benchmark for determining the stamp duty and registration fees that buyers and sellers must pay during the registration process. This value is set by the government and is updated periodically to reflect changes in the real estate market.

When purchasing property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. It is essential for buyers and sellers to be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Kumarasami Nagar Part - II?

The current guideline value of Kumarasami Nagar Part - II is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 500 per sq.ft from 2023 to 2024, while it increased by 22% from Rs 410 per sq.ft in 2017 to Rs 500 per sq.ft in 2023.

What is the land classification for Kumarasami Nagar Part - II?

Kumarasami Nagar Part - II is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, and the registration fee is 2%. For example, a 1,000 sq.ft plot at Rs 500 per sq.ft incurs a total fee of Rs 45,000.

Which office handles registrations for Kumarasami Nagar Part - II?

The Chengleput Joint I Sub Registrar Office handles registrations for Kumarasami Nagar Part - II, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.