Guideline Value for NEW KUMARAN NAGAR 2ND STREET(NEAR CANAL)

New Kumaran Nagar 2nd Street(Near Canal) guideline value

The current guideline value of New Kumaran Nagar 2nd Street(Near Canal) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 under the Neelankarai SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of New Kumaran Nagar 2nd Street(Near Canal) has changed

The guideline value for New Kumaran Nagar 2nd Street(Near Canal) has undergone several revisions over the years. The 2017 revision set the value at Rs 2,010 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2023. The latest revision in 2024 saw another increase to Rs 3,300 per sq.ft, marking a 10% rise from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was 49%, demonstrating a substantial change over that period.

Guideline values in Sholinganallur - 1

In the village of Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of New Kumaran Nagar 2nd Street(Near Canal) is above this median.

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

Stamp duty and registration fee for property in New Kumaran Nagar 2nd Street(Near Canal)

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

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Kumaran Nagar 2nd Street(Near Canal)?

The Sub Registrar Office that covers New Kumaran Nagar 2nd Street(Near Canal) 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 plays a crucial role in the registration process of property transactions in Sholinganallur - 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures that all transactions are conducted transparently and in accordance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of New Kumaran Nagar 2nd Street(Near Canal)?

The current guideline value of New Kumaran Nagar 2nd Street(Near Canal) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2017 to 2024?

From 2017 to 2024, the guideline value has increased by 64%, rising from Rs 2,010 per sq.ft to Rs 3,300 per sq.ft.

What are the other streets in Sholinganallur - 1 with the same guideline value?

Other streets in Sholinganallur - 1 with the same guideline value of Rs 3,300 per sq.ft include New Kumaran Nagar 2nd Cross Street, New Kumaran Nagar 3rd Cross Street, New Kumaran Nagar 1st Street (Near Canal), New Kumaran Nagar 3rd Street, New Kumaran Nagar 1st Street Extension, and New Kumaran Nagar 1st Cross Street (Main Street Extension).

What is the stamp duty rate for properties in New Kumaran Nagar 2nd Street(Near Canal)?

The stamp duty rate for properties in New Kumaran Nagar 2nd Street(Near Canal) is 7% of the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.