Guideline Value for Kulakkarai Street

Kulakkarai Street guideline value

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

How the guideline value of Kulakkarai Street has changed

Over the years, the guideline value of Kulakkarai Street has seen several revisions. In 2007, the guideline value was Rs 300 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, this value dropped to Rs 1,340 per sq.ft in 2017. The 2023 revision set the value at Rs 2,000 per sq.ft, and the most recent 2024 revision raised it to Rs 2,160 per sq.ft, marking an 8% increase from the previous year.

Between the revisions, the changes are notable: from 2007 to 2012, there was a substantial increase of 567%, followed by a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and overall, the guideline value has increased by 620% from 2007 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value is Rs 2,160 per sq.ft, which is the same as the current value for Kulakkarai Street.

• Kumaran Street: Rs 2,200 per sq.ft (2024)
• Kumarapuram: Rs 2,750 per sq.ft (2024)
• Kuppan Street: Rs 2,160 per sq.ft (2024)
• Kuppu Naicken Pettai: Rs 2,160 per sq.ft (2024)
• Kurathiamman Koil Cross Street: Rs 2,160 per sq.ft (2024)
• Kurathiamman Koil Street: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Kulakkarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value amounts to Rs 21,60,000. The stamp duty at 7% would be Rs 1,51,200, and the registration fee at 2% would be Rs 43,200. Together, the total fees would amount 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kulakkarai Street?

The Kulakkarai Street falls under the jurisdiction of 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nemilicherry. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in real estate transactions.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher, to ensure compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Kulakkarai Street?

The current guideline value of Kulakkarai 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 from Rs 300 per sq.ft in 2007 to Rs 2,160 per sq.ft in 2024, reflecting an overall increase of 620% over this period.

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

Other streets in Nemilicherry include Kumaran Street at Rs 2,200 per sq.ft, and Kuppan Street, Kuppu Naicken Pettai, Kurathiamman Koil Cross Street, and Kurathiamman Koil Street, all at Rs 2,160 per sq.ft.

Where is the Pallavaram Sub Registrar Office located?

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 Kulakkarai Street?

The stamp duty for properties in Kulakkarai Street is calculated at 7% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 1,51,200 based on the current guideline value.