Guideline Value for Kurinji Nagar

Kurinji Nagar guideline value

The current guideline value of Kurinji Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Kurinji Nagar has changed

The guideline value for Kurinji Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the value rose again to Rs 1,200 per sq.ft in the 2023 revision, and currently stands at Rs 1,300 per sq.ft from the 2024 revision, marking an increase of 8% from 2023 to 2024. The overall change from 2012 to 2024 reflects an increase of 8%.

In terms of percentage changes, the value increased by 49% from 2017 to 2023, while it decreased by 33% from 2012 to 2017. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

Madhavaram village has a total of 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Kurinji Nagar's 2024 figure below the median.

• Kuppu Street (Ward-1): Rs 1,300 per sq.ft (2024)
• KVS Street, Mrh Road (Ward-10): Rs 1,300 per sq.ft (2024)
• K.V.T. Garden Phase-I: Rs 2,700 per sq.ft (2024)
• K.V.T. Garden Phase-II: Rs 2,700 per sq.ft (2024)
• Kvt Garden Phase-III: Rs 2,700 per sq.ft (2024)
• Kumarappa Puram (P&T) Colony: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Kurinji Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost for these fees to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kurinji Nagar?

The Sub Registrar Office covering Kurinji Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is an essential factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the registration process reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Kurinji Nagar?

The current guideline value of Kurinji Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of Kurinji Nagar?

Kurinji Nagar is classified as Residential Class III Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for properties in Kurinji Nagar?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Where is the Sub Registrar Office for Kurinji Nagar located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it handles registrations for Kurinji Nagar.