Guideline Value for KURAVANKULAM LANE

Kuravankulam Lane guideline value

The current guideline value of Kuravankulam Lane is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class V Type - II.

How the guideline value of Kuravankulam Lane has changed

The guideline value for Kuravankulam Lane has seen several revisions over the years. The earliest recorded figure is from 2007, which was Rs 650 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a substantial rise of 208%. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, a drop of 33%. The value then increased again to Rs 2,000 per sq.ft in 2023, reflecting a 49% increase.

With the latest revision in 2024, the guideline value has reached Rs 2,200 per sq.ft, which is a 10% increase from the previous year. Notably, there are no figures available for the years 2002 and 2003 for this street.

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 Kuravankulam Lane's 2024 figure below that median.

• Kuravan Kulam 3rd Lane: Rs 2,200 per sq.ft (2024)
• Kuravan Kulam Street: Rs 2,200 per sq.ft (2024)
• Kuravan Kulam 2nd Lane: Rs 2,200 per sq.ft (2024)
• Kuravan Kulam 1st Lane: 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 Kuravankulam 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, bringing the total cost to 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kuravankulam Lane?

The Sub Registrar Office that covers Kuravankulam Lane is 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 plays a crucial role during property transactions in Purasaivakkam. It is used to determine the stamp duty and registration fees payable at the time of registration. Buyers should be aware that the guideline value may differ from the sale price, and the duty is applied to the higher of the two amounts.

When selling a property, it is essential to consider the current guideline value, as it can influence the overall transaction costs. Understanding the guideline value helps in making informed decisions during property dealings in the area.

Frequently asked questions

What is the current guideline value of Kuravankulam Lane?

The current guideline value of Kuravankulam 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 increased from Rs 650 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 238%. Various revisions have occurred, with the most recent being a 10% increase from 2023 to 2024.

What are the stamp duty and registration fees for properties in Kuravankulam Lane?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Kuravankulam Lane?

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

What is the land classification for Kuravankulam Lane?

Kuravankulam Lane is classified as Residential Class V Type - II, indicating its designation for residential purposes.