Guideline Value for Kurinji Street

Kurinji Street guideline value

The current guideline value of Kurinji Street in Ramapuram village, Chennai South Joint II SRO, is Rs 3,550 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - II land classification.

How the guideline value of Kurinji Street has changed

The guideline value for Kurinji Street has seen several revisions over the years. In 2012, the value was set at Rs 3,200 per sq.ft, which then decreased to Rs 2,144 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 3,200 per sq.ft in 2023, and then further rose to Rs 3,550 per sq.ft in the 2024 revision, marking an increase of 11% from 2023 to 2024.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 11%. The register has no figures for Kurinji Street in the years 2002, 2003, and 2007.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, placing Kurinji Street's 2024 figure above this median.

• Kurinji Nagar 1 to 6 Street: Rs 3,550 per sq.ft (2024)
• Kurinji Nagar 1st & 2nd Lane: Rs 3,550 per sq.ft (2024)
• Kurinchi Nagar 2nd Main Road: Rs 3,550 per sq.ft (2024)
• Kurinchi Nagar 1st To 5th Cross Street: Rs 3,550 per sq.ft (2024)
• Kurinchi Nagar 1st Main Road: Rs 3,550 per sq.ft (2024)
• Kuppuswamy Padmavathi Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kurinji Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,550 per sq.ft, the total guideline value would be Rs 35,50,000. The stamp duty at 7% would amount to Rs 2,48,500, and the registration fee at 2% would be Rs 71,000, leading to a total cost of Rs 3,19,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kurinji Street?

Kurinji Street falls under the jurisdiction of the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value serves as a benchmark for property transactions in Ramapuram. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are calculated based on a standardized value.

It is essential for buyers and sellers to be aware of the guideline value as it impacts the overall cost of property transactions, including taxes and fees that must be paid at the time of registration.

Frequently asked questions

What is the current guideline value of Kurinji Street?

The current guideline value of Kurinji Street is Rs 3,550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,200 per sq.ft in 2012 to Rs 2,144 per sq.ft in 2017, then increased to Rs 3,200 per sq.ft in 2023, and finally to Rs 3,550 per sq.ft in 2024.

What is the land classification of Kurinji Street?

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

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees for property transactions. It ensures that these costs are based on a standardized value, which is crucial for buyers and sellers.

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

The Sub Registrar Office covering Kurinji Street is located at the Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.