Guideline Value for Kumaravelan Street

Kumaravelan Street guideline value

The current guideline value of Kumaravelan Street is Rs 1,540 per sq.ft, effective from 1 July 2024. This street is located in Thiruverkadu village under the Kunrathur SRO, classified as Residential Class I Type - I.

How the guideline value of Kumaravelan Street has changed

The guideline value for Kumaravelan Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,400 per sq.ft, which was then reduced to Rs 938 per sq.ft in the 2017 revision. Following that, the value increased significantly to Rs 1,400 per sq.ft in 2023 and further to Rs 1,540 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but the overall change from 2012 to 2024 shows a 10% increase. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Thiruverkadu

In Thiruverkadu, there are 178 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,430 to Rs 3,520 per sq.ft, with the median value being Rs 1,540 per sq.ft. Kumaravelan Street's 2024 figure aligns with this median.

• Krishna Nagar: Rs 1,540 per sq.ft (2024)
• K.P.S. Nagar Main Road: Rs 1,540 per sq.ft (2024)
• K.P.S. Nagar 3rd Cross Street: Rs 1,540 per sq.ft (2024)
• K.P.S. Nagar 2nd Cross Street: Rs 1,540 per sq.ft (2024)
• K.P.S. Nagar 1st Cross Street: Rs 1,540 per sq.ft (2024)
• K.P.S. Nagar: Rs 1,540 per sq.ft (2024)

Stamp duty and registration fee for property in Kumaravelan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,540 per sq.ft, the total guideline value amounts to Rs 15,40,000. The stamp duty at 7% would be Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, bringing the total to Rs 1,38,600. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kumaravelan Street?

The Sub Registrar Office that covers Kumaravelan Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Thiruverkadu. It serves as the basis for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a value recognized by the government.

When a property is sold, the higher of the guideline value or the sale price is considered for the purpose of taxation. This ensures that the registration reflects a fair value based on the established guideline rates.

Frequently asked questions

What is the current guideline value of Kumaravelan Street?

The current guideline value of Kumaravelan Street is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,400 per sq.ft in 2012 to Rs 938 per sq.ft in 2017, then to Rs 1,400 per sq.ft in 2023, and finally to Rs 1,540 per sq.ft in 2024.

What is the land classification for Kumaravelan Street?

Kumaravelan Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Kumaravelan Street?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 15,40,000, the total fees would be Rs 1,38,600.

Where can I find the Sub Registrar Office for Kumaravelan Street?

The Sub Registrar Office for Kumaravelan Street is located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find more details by visiting the relevant link.