Guideline Value for KULAKKARAI STREET

Kulakkarai Street guideline value

The current guideline value of Kulakkarai Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Perungudi village and falls under the Neelankarai 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. Starting from the 2002 revision, the guideline value was Rs 75 per sq.ft. This increased significantly to Rs 300 per sq.ft in 2003, marking a 300% rise. The value continued to grow, reaching Rs 800 per sq.ft in 2007, which was a 167% increase from the previous revision. However, in 2012, the value adjusted to Rs 2,500 per sq.ft, reflecting a decrease of 33% from the 2007 figure.

In the 2017 revision, the guideline value rose again to Rs 1,675 per sq.ft, which was a 49% increase from 2012. The most recent revisions show a further increase, with the 2023 revision setting the value at Rs 2,500 per sq.ft. The latest revision in 2024 has increased the guideline value to Rs 2,800 per sq.ft, marking a 12% rise from the previous year. There are no figures for any other revisions for this street.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, indicating that Kulakkarai Street's current guideline value is below this median.

• Kuruchi Nagar Annexe: Rs 3,300 per sq.ft (2024)
• Kurunchi Nagar 10th Cross Street: Rs 3,300 per sq.ft (2024)
• Kurunchi Nagar 11th Cross Street: Rs 3,300 per sq.ft (2024)
• Kurunchi Nagar 12th Cross Street: Rs 3,300 per sq.ft (2024)
• Kurunchi Nagar 13th Cross Street: Rs 3,300 per sq.ft (2024)
• Kurunchi Nagar 14th Cross Street: Rs 3,300 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 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total to Rs 2,52,000. It is important to note that 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 Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Perungudi. It determines the minimum value at which properties are registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to understand that the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Kulakkarai Street?

The current guideline value of Kulakkarai Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 75 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 3,633%.

What is the land classification for Kulakkarai Street?

Kulakkarai Street is classified as Residential Class III Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for properties in Kulakkarai Street?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles registrations for Kulakkarai Street?

The Neelankarai Sub Registrar Office handles registrations for Kulakkarai Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.