Guideline Value for KULAKARAI STREET

Kulakarai Street guideline value

The current guideline value of Kulakarai Street in Manapakkam village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - III.

How the guideline value of Kulakarai Street has changed

The guideline value for Kulakarai Street has seen several revisions over the years. In 2012, the guideline value was Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, raising the value to Rs 1,500 per sq.ft. The most recent revision in 2024 increased the value to Rs 1,650 per sq.ft, reflecting a change of 10% from the previous year.

It is important to note that there are no figures available for Kulakarai Street for the revisions in 2002, 2003, and 2007.

Guideline values in Manapakkam

In Manapakkam, there are a total of 368 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median guideline value for these streets is Rs 2,530 per sq.ft, indicating that Kulakarai Street's 2024 figure is below this median.

• Kulali Amman Street: Rs 1,650 per sq.ft (2024)
• Krishna Nagar Periyar Salai: Rs 2,530 per sq.ft (2024)
• Krishna Nagar 5th Street: Rs 2,530 per sq.ft (2024)
• Krishna Nagar 4th Street: Rs 2,530 per sq.ft (2024)
• Krishna Nagar 3rd Street: Rs 2,530 per sq.ft (2024)
• Krishna Nagar 2nd Street: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Kulakarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty, charged at 7%, would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, the total cost for stamp duty and registration would be Rs 1,48,500. It is essential to note that the 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 Kulakarai Street?

The Sub Registrar Office that covers Kulakarai Street is the Chennai South Joint I 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Manapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kulakarai Street?

The current guideline value of Kulakarai Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Kulakarai Street?

Kulakarai Street is classified as Residential Class IV Type - III under the Chennai South Joint I SRO.

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

The Sub Registrar Office for Kulakarai Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Kulakarai Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 16,50,000, the stamp duty would be 7% of this amount.