Guideline Value for KURUDAR PALLI SALAI

Kurudar Palli Salai guideline value

The current guideline value of Kurudar Palli Salai is Rs 1,540 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village under the Chennai South Joint I SRO and falls under the Residential Class IV Type - I land classification.

How the guideline value of Kurudar Palli Salai has changed

In the 2012 revision, the guideline value was set at Rs 1,400 per sq.ft. This figure then decreased to Rs 938 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value to Rs 1,400 per sq.ft. The most recent revision in 2024 has seen another increase of 10%, raising the guideline value to Rs 1,540 per sq.ft.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for Kurudar Palli Salai. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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, with a median value of Rs 2,200 per sq.ft. The guideline value of Kurudar Palli Salai is below this median.

• Lake View Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Appadurai Street: Rs 2,200 per sq.ft (2024)
• Lakshmi Appadurai St Somu Nagar: Rs 2,200 per sq.ft (2024)
• Kulasekara Alwar Street: Rs 2,200 per sq.ft (2024)
• Kulakkarai Street: Rs 1,870 per sq.ft (2024)
• Kulakkarai Cross Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Kurudar Palli Salai

For a 1,000 sq.ft plot at the current rate of Rs 1,540 per sq.ft, the guideline value amounts to Rs 15,40,000. The stamp duty at 7% would be Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, totaling Rs 1,38,600. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kurudar Palli Salai?

The Sub Registrar Office that covers Kurudar Palli Salai 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. 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 crucial factor in the registration process when buying or selling property in Medavakkam. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When a buyer and seller agree on a sale price, the registration office will assess the guideline value to ensure that the transaction meets the legal requirements. If the sale price is lower than the guideline value, the higher value will be used to calculate the applicable fees.

Frequently asked questions

What is the current guideline value of Kurudar Palli Salai?

The current guideline value of Kurudar Palli Salai is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,400 per sq.ft in 2012 to Rs 938 per sq.ft in 2017, then increased to Rs 1,400 per sq.ft in 2023, and finally to Rs 1,540 per sq.ft in 2024.

What is the land classification of Kurudar Palli Salai?

Kurudar Palli Salai falls under the Residential Class IV Type - I land classification.

Where can I find the registration office for Kurudar Palli Salai?

The registration office for Kurudar Palli Salai 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.

How is stamp duty calculated for properties in Kurudar Palli Salai?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 15,40,000, the stamp duty at 7% would be Rs 1,07,800.