Guideline Value for KURAVAN KULAM 1ST LANE

Kuravan Kulam 1st Lane guideline value

The current guideline value of Kuravan Kulam 1st Lane is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village under the Purasaivakkam Sub Registrar Office (SRO). The land classification for this area is Residential Class V Type - II.

How the guideline value of Kuravan Kulam 1st Lane has changed

The guideline value for Kuravan Kulam 1st Lane has seen several revisions over the years. In 2007, the value was Rs 650 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, it decreased to Rs 1,340 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft in 2023 and is now Rs 2,200 per sq.ft in 2024.

From 2017 to 2023, there was a notable increase of 49%, followed by a further increase of 10% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 238%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, placing Kuravan Kulam 1st Lane's 2024 figure below that median.

• Kuravan Kulam 2nd Lane: Rs 2,200 per sq.ft (2024)
• Kuravan Kulam 3rd Lane: Rs 2,200 per sq.ft (2024)
• Kuravankulam Lane: Rs 2,200 per sq.ft (2024)
• Kuravan Kulam Street: Rs 2,200 per sq.ft (2024)
• Kutpat Pallam: Rs 4,400 per sq.ft (2024)
• Kutpat Pallam 1st Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kuravan Kulam 1st Lane

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. Together, the total charges would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kuravan Kulam 1st Lane?

The Kuravan Kulam 1st Lane is covered by the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a critical component in the registration process of property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair valuation of the property. It is essential for buyers to be aware of the guideline value to ensure they are not overpaying for a property, while sellers must consider it to price their property competitively.

Frequently asked questions

What is the current guideline value of Kuravan Kulam 1st Lane?

The current guideline value of Kuravan Kulam 1st Lane 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 multiple times, starting from Rs 650 per sq.ft in 2007, increasing to Rs 2,000 in 2012, then decreasing to Rs 1,340 in 2017, and rising again to Rs 2,000 in 2023, before reaching Rs 2,200 in 2024.

What is the median guideline value in Purasaivakkam?

The median guideline value in Purasaivakkam is Rs 5,500 per sq.ft, which is above the current value of Kuravan Kulam 1st Lane.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, a 1,000 sq.ft plot would incur total charges of Rs 1,98,000 based on the current guideline value.

Which office handles registrations for Kuravan Kulam 1st Lane?

The Purasaivakkam Sub Registrar Office handles registrations for Kuravan Kulam 1st Lane, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.