Guideline Value for Kumari Nagar

Kumari Nagar guideline value

The current guideline value for Kumari Nagar, located in Puzhal village under the Redhills SRO, is Rs 1,102 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Kumari Nagar has changed

The guideline value for Kumari Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 485 per sq.ft. This figure saw a significant increase to Rs 49 per sq.ft in 2003, followed by a substantial rise to Rs 200 per sq.ft in 2007. The value then increased to Rs 700 per sq.ft in 2012, before dropping to Rs 469 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,000 per sq.ft in 2023 and further to Rs 1,102 per sq.ft in 2024.

From 2017 to 2023, the guideline value increased by 113%. The change from 2012 to 2017 was a decrease of 33%. Notably, there was a remarkable increase of 250% from 2007 to 2012 and a significant rise of 308% from 2003 to 2007. Overall, from 2002 to 2024, the guideline value has increased by 127%.

Guideline values in Puzhal

In Puzhal, there are 270 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value is Rs 1,102 per sq.ft, which is equal to the current guideline value for Kumari Nagar. Below are other streets in Puzhal:

• K.V.K. Swamy Street: Rs 1,102 per sq.ft (2024)
• Lakeside 4: Rs 3,000 per sq.ft (2024)
• Lakshmiamman Koil 1st Street: Rs 1,650 per sq.ft (2024)
• Lakshmi Amman Koil 2nd Lane: Rs 1,650 per sq.ft (2024)
• Lakshmiamman Koil 2nd Street: Rs 1,650 per sq.ft (2024)
• Lakshmi Amman Koil 3rd Lane: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Kumari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,102 per sq.ft, the total guideline value would be Rs 11,02,000. The stamp duty at 7% would amount to Rs 77,140, and the registration fee at 2% would be Rs 22,040, resulting in a total of Rs 99,180. 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 more details.

Which Sub Registrar Office covers Kumari Nagar?

The Sub Registrar Office that covers Kumari Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Puzhal. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers must ensure that they are aware of the current guideline value to avoid any discrepancies during the registration process.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Kumari Nagar?

The current guideline value of Kumari Nagar is Rs 1,102 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 485 per sq.ft in 2002 to Rs 1,102 per sq.ft in 2024, reflecting an overall increase of 127% over this period.

What is the stamp duty rate for property in Kumari Nagar?

The stamp duty rate for property in Kumari Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Kumari Nagar located?

The Sub Registrar Office for Kumari Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the guideline value determined?

The guideline value is determined by the Registration Department's guideline value register, which is revised periodically to reflect changes in market conditions and property values.