Guideline Value for KULAKKARAI STREET

Kulakkarai Street guideline value

The current guideline value of Kulakkarai Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO, classified as Residential Class II Type - II.

How the guideline value of Kulakkarai Street has changed

Over the years, the guideline value of Kulakkarai Street has seen significant changes. The earliest recorded figure is from 2002, which was Rs 280 per sq.ft. This value increased to Rs 346 per sq.ft in 2003, marking a 24% rise. The next revision in 2007 saw a substantial increase to Rs 1,100 per sq.ft, which is a 218% jump. In 2012, the value was Rs 2,500 per sq.ft, reflecting a 127% increase from the previous revision. However, from 2012 to 2017, there was a decrease of 33%, bringing the value down to Rs 1,675 per sq.ft. The guideline value then increased significantly to Rs 2,500 per sq.ft in 2023, which was a 49% rise. The most recent revision in 2024 has set the value at Rs 2,750 per sq.ft, representing a 10% increase from the previous year.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO, with guideline values ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, placing Kulakkarai Street's 2024 figure below this median.

• Krishna Street: Rs 2,750 per sq.ft (2024)
• Kumaran Street: Rs 2,750 per sq.ft (2024)
• Kumuzhi Thottam: Rs 2,750 per sq.ft (2024)
• Kuppuswamy Padmavathi Nagar: Rs 2,750 per sq.ft (2024)
• Kurinchi Nagar 1st Main Road: Rs 3,550 per sq.ft (2024)
• Kurinchi Nagar 1st To 5th Cross Street: Rs 3,550 per sq.ft (2024)

Stamp duty and registration fee for property in Kulakkarai Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important 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 details.

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 Ramapuram

The guideline value plays a crucial role in property transactions in Ramapuram. It is used to assess the minimum value at which a property can be registered. When a buyer purchases a property, the stamp duty and registration fees are calculated based on this guideline value or the sale price, whichever is higher.

Moreover, the guideline value is regularly revised to reflect changes in the real estate market. This ensures that the property transactions are conducted at values that are consistent with the current market conditions, providing a fair basis for taxation and registration.

Frequently asked questions

What is the current guideline value of Kulakkarai Street?

The current guideline value of Kulakkarai Street is Rs 2,750 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 280 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 882% over this period.

What is the registration office for Kulakkarai Street?

The registration office for 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.

How is stamp duty calculated for properties in Kulakkarai Street?

Stamp duty for properties in Kulakkarai Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.

What other streets have the same guideline value in Ramapuram?

Other streets in Ramapuram with the same guideline value of Rs 2,750 per sq.ft in 2024 include Krishna Street, Kumaran Street, Kumuzhi Thottam, and Kuppuswamy Padmavathi Nagar.