Guideline Value for KULAKKARAI STREET

Kulakkarai Street guideline value

The current guideline value of Kulakkarai Street is Rs 660 per sq.ft, effective from 1 July 2024. This street is located in Koladi village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Kulakkarai Street has changed

The guideline value for Kulakkarai Street has seen several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased to Rs 600 per sq.ft in 2012. However, it saw a decrease to Rs 402 per sq.ft in 2017. The value then rose significantly to Rs 600 per sq.ft in 2023, and currently stands at Rs 660 per sq.ft as of the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 32%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Koladi

In Koladi, there are 175 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 660 to Rs 4,000 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, which means that Kulakkarai Street's current guideline value is below this median.

• Krv Nagar: Rs 1,650 per sq.ft (2024)
• Kumar Street: Rs 1,100 per sq.ft (2024)
• Kumar Street 2nd Cross Road: Rs 1,100 per sq.ft (2024)
• Kumar Street Main And Cross Street: Rs 1,100 per sq.ft (2024)
• Krishna Nagar: Rs 1,100 per sq.ft (2024)
• Lakeview (Koladi): Rs 660 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 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total charges to Rs 59,400. 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 Kulakkarai Street?

The Sub Registrar Office that covers Kulakkarai Street is the Chennai South Joint II 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 Koladi

The guideline value is a crucial factor in the registration process when buying or selling property in Koladi. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

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 Kulakkarai Street?

The current guideline value of Kulakkarai Street is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, reflecting an overall increase of 32% over the years.

What is the land classification for Kulakkarai Street?

The land classification for Kulakkarai Street is Residential Class II Type - III.

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

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

How is the stamp duty calculated for property transactions?

The 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 6,60,000, the stamp duty would be calculated at 7% of this amount.