Guideline Value for Akrakara Street

Akrakara Street guideline value

The current guideline value of Akrakara Street in Venkatapuram village, under the Kunrathur SRO, is Rs 1,200 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Special Type - I land classification.

How the guideline value of Akrakara Street has changed

Over the years, the guideline value of Akrakara Street has seen significant changes. In 2002, the guideline value was Rs 85 per sq.ft, which increased to Rs 93 per sq.ft in 2003, marking a 9% rise. The value continued to rise, reaching Rs 300 per sq.ft in 2007, a substantial increase of 223%. By 2012, the value was Rs 1,100 per sq.ft, reflecting a 267% increase from the previous revision. However, it decreased to Rs 737 per sq.ft in 2017, a drop of 33%.

From 2017 to 2023, the guideline value rose significantly to Rs 1,100 per sq.ft, representing a 49% increase. The most recent revision in 2024 set the guideline value at Rs 1,200 per sq.ft, a 9% increase from the 2023 figure. There are no revisions in the register for the years not mentioned.

Guideline values in Venkatapuram

In Venkatapuram, there are 68 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 1,200 per sq.ft, with the median being Rs 1,200 per sq.ft. Akrakara Street's 2024 figure is equal to this median.

• Akrakara Street 1st Street (Left): Rs 1,200 per sq.ft (2024)
• Akrakara Street 2nd Street (Left): Rs 1,200 per sq.ft (2024)
• Akrakara Street Main Road: Rs 1,200 per sq.ft (2024)
• Adhi Nalleeswarar Street: Rs 1,200 per sq.ft (2024)
• Adhi Nalleeswarar Nagar: Rs 1,200 per sq.ft (2024)
• Deivasikamani Nagar 1st Cross Street: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Akrakara Street

For a 1,000 sq.ft plot at the current rate of Rs 1,200 per sq.ft, the guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, totaling Rs 1,08,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Akrakara Street?

The Akrakara Street falls under the jurisdiction of the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during property registration in Venkatapuram. It serves as the minimum value for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is compared with the sale price. The higher of the two values is used to determine the applicable stamp duty and registration fees, which are mandatory for legal ownership transfer.

Frequently asked questions

What is the current guideline value of Akrakara Street?

The current guideline value of Akrakara Street is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 85 per sq.ft in 2002 to Rs 1,200 per sq.ft in 2024. Significant changes include a rise of 267% from 2007 to 2012 and a 49% increase from 2017 to 2023.

What is the land classification for Akrakara Street?

Akrakara Street is classified as Residential Special Type - I, indicating its suitability for residential development.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at Rs 1,200 per sq.ft would incur a total fee of Rs 1,08,000.

Where can I find the Kunrathur Sub Registrar Office?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069. You can visit the office for property registration and related services.