Guideline Value for Kulakkarai 1st Lane

Kulakkarai 1st Lane guideline value

The current guideline value of Kulakkarai 1st Lane, located in Nanganallur village under the Alandur SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Kulakkarai 1st Lane has changed

The guideline value for Kulakkarai 1st Lane has seen several revisions over the years. In 2002, the value was Rs 310 per sq.ft. This increased to Rs 352 per sq.ft in 2003, marking a 14% rise. The value then jumped significantly to Rs 700 per sq.ft in 2007, reflecting a 99% increase. Following this, the value surged to Rs 3,500 per sq.ft in 2012, which was a 400% increase. However, in 2017, it decreased to Rs 2,345 per sq.ft, a decline of 33%. The value then rose again to Rs 3,500 per sq.ft in 2023, and finally, it reached Rs 3,900 per sq.ft in 2024, representing an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,158%. There are no figures recorded for revisions in years other than those specified above.

Guideline values in Nanganallur

Nanganallur has a total of 155 streets under the Alandur SRO, with 2024 guideline values ranging from Rs 2,800 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, which is the same as the current value for Kulakkarai 1st Lane.

• Kulakkarai 1st Street: Rs 3,900 per sq.ft (2024)
• Kulakkarai 2nd Lane: Rs 3,900 per sq.ft (2024)
• Kulakkarai 2nd Street: Rs 3,900 per sq.ft (2024)
• Kulakkarai Lane: Rs 3,900 per sq.ft (2024)
• Kulakkarai Street: Rs 3,300 per sq.ft (2024)
• Kuppusamy Street LAYOUT: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kulakkarai 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total cost to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kulakkarai 1st Lane?

The Sub Registrar Office that covers Kulakkarai 1st Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Nanganallur. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory expenses in the registration process.

It is essential to be aware that the guideline value is set by the government and is periodically revised. Buyers and sellers should ensure that they are aware of the current guideline value to avoid any discrepancies during the registration of property transactions.

Frequently asked questions

What is the current guideline value of Kulakkarai 1st Lane?

The current guideline value of Kulakkarai 1st Lane is Rs 3,900 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 310 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting significant increases and a few decreases along the way.

What is the land classification for Kulakkarai 1st Lane?

Kulakkarai 1st Lane is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the registration fees for property in Kulakkarai 1st Lane?

The registration fees for property transactions in Kulakkarai 1st Lane include a stamp duty of 7% and a registration fee of 2%, calculated based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Kulakkarai 1st Lane located?

The Sub Registrar Office for Kulakkarai 1st Lane is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.