Guideline Value for Kulakkarai 2nd Street

Kulakkarai 2nd Street guideline value

The current guideline value of Kulakkarai 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Kulakkarai 2nd Street has changed

In the 2017 revision, the guideline value was Rs 1,340 per sq.ft. The most recent revision in 2024 has increased this to Rs 2,200 per sq.ft, marking a significant rise of 64% over the seven-year period. The register has no figure for this street for the years 2023, 2012, 2007, 2003, and 2002.

To summarize the changes, the guideline value for Kulakkarai 2nd Street increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024. This increase reflects the adjustments made in the guideline values over the years, with the most recent figure being the highest recorded for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Kulakkarai 2nd Street's 2024 figure below that median.

• Kulakkarai Cross Street: Rs 2,200 per sq.ft (2024)
• Kulakkarai 1st Street: Rs 2,200 per sq.ft (2024)
• Kulakkarai Street: Rs 2,200 per sq.ft (2024)
• Kuberan Street, Srinivasa Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar South 4th Street: Rs 3,850 per sq.ft (2024)
• Kuberan Nagar South 3rd Street: Rs 3,850 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. Duty is charged on the higher of the guideline value and the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kulakkarai 2nd Street?

Kulakkarai 2nd Street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when registering property in Madipakkam-1. It serves as the basis for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a fair value according to government regulations.

When buying or selling property, it is important to be aware of the guideline value as it can influence the overall costs involved in the transaction. Buyers should ensure that they are informed about the current guideline values to avoid any discrepancies during registration.

Frequently asked questions

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

The current guideline value of Kulakkarai 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, representing a 64% increase.

What are the guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have varying guideline values, with rates ranging from Rs 1,650 to Rs 5,500 per sq.ft, while the median is Rs 2,750 per sq.ft.

What fees are associated with buying property in Kulakkarai 2nd Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where can I find the Sub Registrar Office for Kulakkarai 2nd Street?

The Velacheri Sub Registrar Office covers Kulakkarai 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.