Guideline Value for KULAKKARAI STREET

Kulakkarai Street guideline value

The current guideline value of Kulakkarai Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Kulakkarai Street has changed

The guideline value for Kulakkarai Street has seen several revisions over the years. In 2012, the guideline value was recorded at Rs 1,700 per sq.ft. This figure remained the same until the next revision in 2017 when it decreased to Rs 1,139 per sq.ft. Following this, the value increased significantly to Rs 1,700 per sq.ft in 2023, and then further to Rs 1,870 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the figures from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for Kulakkarai Street for the years 2002, 2003, and 2007.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with the median value being Rs 2,200 per sq.ft. Kulakkarai Street's current guideline value is below this median.

• Kulakkarai Cross Street: Rs 1,870 per sq.ft (2024)
• Kulasekara Alwar Street: Rs 2,200 per sq.ft (2024)
• Krishnaveni Avenue: Rs 2,200 per sq.ft (2024)
• Krishnaveni Ammal Road: Rs 2,200 per sq.ft (2024)
• Kurudar Palli Salai: Rs 1,540 per sq.ft (2024)
• Kousalya Nagar Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Kulakkarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value amounts to Rs 18,70,000. The stamp duty at 7% would be Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, making the total fees together Rs 1,68,300. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Kulakkarai Street?

The Sub Registrar Office that covers Kulakkarai 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 Medavakkam

The guideline value is a critical factor in property transactions in Medavakkam, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value ensures that the transaction is recorded at a fair and consistent value, which is essential for tax purposes.

During the registration process, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Kulakkarai Street?

The current guideline value of Kulakkarai Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2012 to Rs 1,139 per sq.ft in 2017, then increased to Rs 1,700 per sq.ft in 2023, and finally to Rs 1,870 per sq.ft in 2024.

What is the median guideline value in Medavakkam?

The median guideline value in Medavakkam is Rs 2,200 per sq.ft, with Kulakkarai Street's current value being below this median.

What are the stamp duty rates for properties in Kulakkarai Street?

The stamp duty rate for properties in Kulakkarai Street is 7% of the guideline value, while the registration fee is 2% of the guideline value.

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

The Sub Registrar Office for Kulakkarai 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.