Guideline Value for SRI KUMARAN NAGAR EXTENSION

Sri Kumaran Nagar Extension guideline value

The current guideline value for Sri Kumaran Nagar Extension is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. It is classified as Residential Class I Type - III land.

How the guideline value of Sri Kumaran Nagar Extension has changed

The guideline value for Sri Kumaran Nagar Extension has seen significant changes over the years. In 2002, the value was Rs 102 per sq.ft, which increased dramatically to Rs 850 per sq.ft in 2007. Following this, the value surged to Rs 2,500 per sq.ft in 2012, before dropping to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,700 per sq.ft as of the 2024 revision.

Notably, there is no figure available for the year 2003 in the register for this street. The percentage changes between revisions are as follows: from 2002 to 2007, there was an increase of 733%; from 2007 to 2012, a rise of 194%; a decrease of 33% from 2012 to 2017; a significant increase of 49% from 2017 to 2023; and finally, an increase of 8% from 2023 to 2024.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Sri Kumaran Nagar Extension's current value above this median.

• Sri Kumaran Nagar: Rs 2,700 per sq.ft (2024)
• Sri Krishna Nagar (Near Sivananda Colony): Rs 2,500 per sq.ft (2024)
• Sri Kanthakottam Nagar / Streets: Rs 1,600 per sq.ft (2024)
• Sri Kanthakottam 2nd Street: Rs 1,600 per sq.ft (2024)
• Sri Moogambigai Nagar: Rs 1,600 per sq.ft (2024)
• Sri Moogambigai Nagar Annex: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Kumaran Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sri Kumaran Nagar Extension?

The Sub Registrar Office that covers Sri Kumaran Nagar Extension is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Korattur, as it determines the stamp duty and registration fees applicable during the transaction. Buyers must pay the stamp duty based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the correct revenue from property transactions.

Additionally, the guideline value serves as a benchmark for property valuations, helping both buyers and sellers understand the fair pricing of properties in the area. It is essential for all parties involved in real estate transactions to be aware of the current guideline values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value for Sri Kumaran Nagar Extension?

The current guideline value for Sri Kumaran Nagar Extension is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 102 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting a total increase of 2547% over this period.

What are the stamp duty rates for property transactions in this area?

The stamp duty rate for property transactions in Sri Kumaran Nagar Extension is 7%, calculated on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Sri Kumaran Nagar Extension is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

What is the land classification for Sri Kumaran Nagar Extension?

Sri Kumaran Nagar Extension is classified as Residential Class I Type - III, indicating its suitability for residential developments.