Guideline Value for Kulakkarai 2nd Street

Kulakkarai 2nd Street guideline value

The current guideline value of Kulakkarai 2nd Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Nanganallur village under the Alandur SRO, classified as Residential Class I Type - II.

How the guideline value of Kulakkarai 2nd Street has changed

The guideline value for Kulakkarai 2nd Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 454 per sq.ft. This increased to Rs 516 per sq.ft in 2003, marking a 14% rise. The value continued to grow significantly, reaching Rs 1,200 per sq.ft in 2007, which was a 133% increase from the previous figure. By 2012, the value was Rs 3,500 per sq.ft, reflecting a 192% increase from 2007. However, this figure decreased to Rs 2,345 per sq.ft in 2017, a decline of 33%.

In the subsequent revisions, the guideline value rose to Rs 3,500 per sq.ft in 2023, followed by a further increase to Rs 3,900 per sq.ft in 2024, representing an 11% increase. Overall, from 2002 to 2024, the guideline value has increased by 759%. The register has no figure for the years not mentioned.

Guideline values in Nanganallur

In Nanganallur, there are 155 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 6,600 per sq.ft. The median value is Rs 3,900 per sq.ft, placing Kulakkarai 2nd Street at this median value.

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

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, charged at 7%, would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000. Together, the total cost would be Rs 3,51,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kulakkarai 2nd Street?

The Sub Registrar Office that covers Kulakkarai 2nd Street 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 is a critical factor in the registration of property transactions in Nanganallur. It is used to determine the stamp duty and registration fees that need to be paid during the sale or purchase of a property. This ensures that the transaction is officially recorded and that the necessary taxes are collected by the government.

When buying or selling property, it is essential to be aware of the current guideline value as it directly impacts the financial obligations of both parties involved in the transaction. Understanding the guideline value helps in ensuring compliance with local regulations and facilitates a smoother registration process.

Frequently asked questions

What is the current guideline value of Kulakkarai 2nd Street?

The current guideline value of Kulakkarai 2nd Street 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 from Rs 454 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, showing an overall increase of 759% over the years.

What is the stamp duty rate for properties in Kulakkarai 2nd Street?

The stamp duty rate for properties in Kulakkarai 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Kulakkarai 2nd Street located?

The Sub Registrar Office for Kulakkarai 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What are the other streets in Nanganallur with similar guideline values?

Other streets in Nanganallur with a 2024 guideline value of Rs 3,900 per sq.ft include Kulakkarai 2nd Lane, Kulakkarai 1st Street, Kulakkarai 1st Lane, and Kulakkarai Lane.