Guideline Value for Kumeravel Nagar

Kumeravel Nagar guideline value

The current guideline value of Kumeravel Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Thiruvallur village and falls under the Tiruvallur Joint 1 SRO. The land classification for this street is Residential Special Type - I.

How the guideline value of Kumeravel Nagar has changed

The guideline value for Kumeravel Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 200 per sq.ft. This figure saw a significant increase to Rs 2,000 per sq.ft in 2012, marking a remarkable rise of 900%. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, reflecting a decline of 33%. The value then increased again to Rs 2,000 per sq.ft in 2023, which was a 49% increase from the previous figure. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, representing a 10% increase from the 2023 figure.

It is important to note that there are no figures available for Kumeravel Nagar in the revisions from 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by a substantial 1000%.

Guideline values in Thiruvallur

In Thiruvallur, there are 172 streets under the Tiruvallur Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 3,850 per sq.ft. The median guideline value for these streets is Rs 1,100 per sq.ft, placing Kumeravel Nagar's 2024 figure above this median.

• Kuttaikkarai Street: Rs 2,200 per sq.ft (2024)
• Kumaran Cross Street: Rs 1,100 per sq.ft (2024)
• Kumanan Street: Rs 1,100 per sq.ft (2024)
• Lakshmipuram: Rs 1,320 per sq.ft (2024)
• Krishna Nagar: Rs 1,100 per sq.ft (2024)
• Lakshmipuram Colony: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Kumeravel Nagar

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, while the registration fee at 2% would be Rs 44,000. Together, 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kumeravel Nagar?

The Sub Registrar Office that covers Kumeravel Nagar is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Thiruvallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, both parties must consider the guideline value, as it influences the financial obligations involved in the transaction. The registration process requires that the property is registered at or above the guideline value, ensuring transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Kumeravel Nagar?

The current guideline value of Kumeravel Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, starting from Rs 200 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 1000% over the years.

What are the stamp duty and registration fees for property in Kumeravel Nagar?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registration in Kumeravel Nagar?

The Tiruvallur Joint 1 Sub Registrar Office handles property registration for Kumeravel Nagar, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum registration value for property transactions. It ensures that the appropriate stamp duty and registration fees are collected based on this value, facilitating a transparent registration process.