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 Issa Pallavaram village, under the Pallavaram SRO, and is classified as Residential Class I Type - III.

How the guideline value of Kulakkarai Street has changed

The guideline value for Kulakkarai Street has undergone several revisions over the years. The earliest recorded revision is from 2012, when the guideline value was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in the 2017 revision. The value then increased significantly to Rs 2,500 per sq.ft in 2023, and further rose to the current value of Rs 2,750 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Issa Pallavaram

Issa Pallavaram has a total of 110 streets under the Pallavaram SRO, with guideline values for 2024 ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this village is Rs 3,300 per sq.ft, placing Kulakkarai Street's current value below that median.

• Krishnaswamy Street: Rs 3,300 per sq.ft (2024)
• Kumaraswamy Street: Rs 3,300 per sq.ft (2024)
• Kribith Street 6th Street: Rs 3,300 per sq.ft (2024)
• Kribith Street 5th Street: Rs 3,300 per sq.ft (2024)
• Kribith Street 4th Street: Rs 3,300 per sq.ft (2024)
• Kribith Street 3rd 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 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to 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 further calculations.

Which Sub Registrar Office covers Kulakkarai Street?

The Sub Registrar Office that covers Kulakkarai Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Issa Pallavaram. It serves as the minimum value for which a property can be registered, ensuring that the transaction reflects a fair value as determined by the government.

When buying or selling property, the guideline value helps calculate the stamp duty and registration fees payable. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring compliance with local regulations.

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, with the most recent increase being from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

What is the land classification of Kulakkarai Street?

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

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

The stamp duty rate for properties in Kulakkarai Street is 7%, and the registration fee is 2% of the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office for Kulakkarai Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044. You can find more details through the provided link.