Guideline Value for Kulakarai Street

Kulakarai Street guideline value

The current guideline value of Kulakarai Street in Kovilambakkam village is Rs 2,160 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Kulakarai Street has changed

The guideline value for Kulakarai Street has seen several revisions over the years. The earliest recorded figure is from 2003, set at Rs 84 per sq.ft. This value increased significantly to Rs 350 per sq.ft in 2007, marking a growth of 317%. In 2012, the value was revised to Rs 2,000 per sq.ft, reflecting a remarkable increase of 471%. However, this value decreased to Rs 1,340 per sq.ft in 2017, a drop of 33%. The next revision in 2023 saw the guideline value rise to Rs 2,000 per sq.ft, which was then increased to Rs 2,160 per sq.ft in 2024, an 8% increase.

Overall, from 2003 to 2024, the guideline value has increased by 2,471%. The register has no figure for Kulakarai Street in 2002.

Guideline values in Kovilambakkam

In Kovilambakkam, there are 61 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,610 per sq.ft, with a median value of Rs 2,750 per sq.ft. Kulakarai Street's current value is below this median.

• Kulathur 1 to 14 Streets: Rs 2,160 per sq.ft (2024)
• Kurinji Nagar: Rs 2,160 per sq.ft (2024)
• Kurunji Nagar 1 To 6 Main Road: Rs 2,160 per sq.ft (2024)
• Kolathur Salai: Rs 2,750 per sq.ft (2024)
• Lakshmi Nagar: Rs 2,380 per sq.ft (2024)
• Kbg Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kulakarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, while the registration fee at 2% would be Rs 43,200, bringing the total fees to Rs 1,94,400. 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 Kulakarai Street?

The Sub Registrar Office that covers Kulakarai Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process of property transactions in Kovilambakkam. It is used to determine the stamp duty and registration fees that must be paid at the time of registration. Buyers and sellers should be aware that the guideline value may differ from the actual sale price, and the higher amount will be considered for calculating the applicable fees.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and fairly. This value is periodically revised to reflect changes in the real estate market, making it an essential reference point for both buyers and sellers.

Frequently asked questions

What is the current guideline value of Kulakarai Street?

The current guideline value of Kulakarai Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 84 per sq.ft in 2003 to Rs 2,160 per sq.ft in 2024, representing an overall increase of 2,471% over the years.

What is the land classification for Kulakarai Street?

Kulakarai Street is classified as Residential Class II Type - I under the Pallavaram SRO.

Where is the Sub Registrar Office located for Kulakarai Street?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Kulakarai Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 21,60,000, the stamp duty would be Rs 1,51,200 at 7%.