Guideline Value for KULASEKARA ALWAR STREET

Kulasekara Alwar Street guideline value

The current guideline value of Kulasekara Alwar Street is Rs 2,200 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 I Type - I.

How the guideline value of Kulasekara Alwar Street has changed

The guideline value for Kulasekara Alwar Street has undergone several revisions over the years. In 2003, the guideline value was Rs 90 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2007. The value then saw a substantial rise of 567% to reach Rs 2,000 per sq.ft in 2012. However, it decreased by 33% to Rs 1,340 per sq.ft in 2017. Following this, the value increased by 49% to Rs 2,000 per sq.ft in 2023, and finally, it rose by 10% to the current rate of Rs 2,200 per sq.ft in the 2024 revision.

The register has no figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 2344%.

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. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Kulasekara Alwar Street.

• Kulakkarai Street: Rs 1,870 per sq.ft (2024)
• Kulakkarai Cross Street: Rs 1,870 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 Kulasekara Alwar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kulasekara Alwar Street?

The Sub Registrar Office that covers Kulasekara Alwar 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, Chennai registration zone. 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 key factor in the property registration process in Medavakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers should be aware that the guideline value may differ from the actual sale price, and the duty will be charged on whichever is higher.

When engaging in property transactions, it is essential to check the current guideline value to ensure compliance with registration requirements. This helps in accurately calculating the costs involved in the transaction and avoiding any legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Kulasekara Alwar Street?

The current guideline value of Kulasekara Alwar Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 90 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking a significant increase of 2344% over this period.

What is the land classification for Kulasekara Alwar Street?

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

Where can I find the Sub Registrar Office for Kulasekara Alwar Street?

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

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the guideline value or sale price, and the registration fee is 2%. For example, for a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.