Guideline Value for Kula Street

Kula Street guideline value

The current guideline value of Kula Street in Thiruneermalai village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Pammal Sub Registrar Office (SRO) and is classified as Residential Class I Type - II.

How the guideline value of Kula Street has changed

The guideline value for Kula Street has seen significant changes over the years. In 2003, the guideline value was Rs 312 per sq.ft, which increased to Rs 350 per sq.ft in 2007. This was followed by a substantial rise to Rs 1,340 per sq.ft in 2017, marking an increase of 283%. The value further increased to Rs 2,000 per sq.ft in 2023, representing a 49% rise from the previous revision. As of the 2024 revision, the guideline value is now Rs 2,200 per sq.ft, reflecting a 10% increase from 2023.

It is important to note that there are no figures available for Kula Street in the revisions for 2002 and 2012. Overall, from 2003 to 2024, the guideline value has increased by 605%.

Guideline values in Thiruneermalai

In Thiruneermalai, there are 316 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 6,240 per sq.ft, with a median value of Rs 2,420 per sq.ft. The guideline value of Kula Street is below this median.

• Kulakarai Street / Lakshmipuram: Rs 2,860 per sq.ft (2024)
• Kulakarai 4th Cross Street: Rs 2,420 per sq.ft (2024)
• Kulakarai 3rd Cross Street: Rs 2,420 per sq.ft (2024)
• Kulakarai 2nd Cross Street: Rs 2,420 per sq.ft (2024)
• Kulakarai 1st Cross Street: Rs 2,420 per sq.ft (2024)
• Kumaraswamy Achari Street: Rs 2,860 per sq.ft (2024)

Stamp duty and registration fee for property in Kula Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be 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 or the sale price.

You can use the stamp duty and registration fee calculator for accurate calculations based on your property details.

Which Sub Registrar Office covers Kula Street?

The Kula Street falls under the jurisdiction of the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Thiruneermalai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the overall costs involved in the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Kula Street?

The current guideline value of Kula 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 increased from Rs 312 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 605%.

What are the other streets in Thiruneermalai with their guideline values?

Other streets in Thiruneermalai include Kulakarai Street / Lakshmipuram at Rs 2,860 per sq.ft, and several streets on Kulakarai with values at Rs 2,420 per sq.ft.

What are the stamp duty and registration fees for property in Kula Street?

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

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.