Guideline Value for NEW KUMARAN NAGAR 1ST CROSS STREET (MAIN STREET EXTENSION)

New Kumaran Nagar 1st Cross Street (Main Street Extension) guideline value

The current guideline value for New Kumaran Nagar 1st Cross Street (Main Street Extension) is Rs 3,300 per sq.ft. This street is located in the village of Sholinganallur - 1 and falls under the Neelankarai SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of New Kumaran Nagar 1st Cross Street (Main Street Extension) has changed

Over the years, the guideline value for New Kumaran Nagar 1st Cross Street has seen significant changes. The 2017 revision recorded a guideline value of Rs 2,010 per sq.ft, which increased to Rs 3,000 per sq.ft in the 2023 revision. The latest revision in 2024 has set the value at Rs 3,300 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has risen by 64%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was 49%, reflecting a substantial rise in the guideline value over this period.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a guideline value for 2024, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing New Kumaran Nagar 1st Cross Street's 2024 figure above this median.

• NEW KUMARAN NAGAR 1st CROSS STREET: Rs 3,300 per sq.ft (2024)
• New Kumaran Nagar 1st Street Extension: Rs 3,300 per sq.ft (2024)
• New Kumaran Nagar 1st Street (Near Canal): Rs 3,300 per sq.ft (2024)
• NEW KUMARAN NAGAR 10th CROSS STREET: Rs 3,300 per sq.ft (2024)
• NEW KUMARAN NAGAR 2nd CROSS STREET: Rs 3,300 per sq.ft (2024)
• New Kumaran Nagar 2nd Street(Near Canal): Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in New Kumaran Nagar 1st Cross Street (Main Street Extension)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% is Rs 2,31,000, and the registration fee at 2% is Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Kumaran Nagar 1st Cross Street (Main Street Extension)?

The Sub Registrar Office that covers New Kumaran Nagar 1st Cross Street (Main Street Extension) is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is a crucial figure used during the registration of property transactions in Sholinganallur - 1. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on a standardized value set by the authorities.

When buying or selling property, the guideline value helps in determining the minimum price at which a property can be registered. This ensures transparency and fairness in property transactions while safeguarding the interests of both buyers and sellers.

Frequently asked questions

What is the current guideline value for New Kumaran Nagar 1st Cross Street?

The current guideline value for New Kumaran Nagar 1st Cross Street (Main Street Extension) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 2,010 per sq.ft to Rs 3,300 per sq.ft in 2024, marking an overall rise of 64% over this period.

What is the registration fee for a property in this area?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 33,00,000, the registration fee would be Rs 66,000.

Which office handles registrations for New Kumaran Nagar 1st Cross Street?

The Neelankarai Sub Registrar Office handles registrations for New Kumaran Nagar 1st Cross Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum price for property registration, which affects the stamp duty and registration fees. It ensures that property transactions are conducted transparently and fairly.