Guideline Value for Kulakkarai street

Kulakkarai street guideline value

The current guideline value of Kulakkarai street is Rs 400 per sq.ft, effective from 1 July 2024. This street is located in Somangalam village, which falls under the Sriperumpudur SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Kulakkarai street has changed

The guideline value for Kulakkarai street has undergone several revisions over the years. In 2012, the guideline value was set at Rs 400 per sq.ft. This remained unchanged until the 2017 revision, which saw a decrease to Rs 268 per sq.ft. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 400 per sq.ft. The 2024 revision has maintained this figure, showing no change from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for Kulakkarai street. Overall, from 2012 to 2024, the guideline value has remained stable at Rs 400 per sq.ft, reflecting no overall change.

Guideline values in Somangalam

In Somangalam village, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft. The median value for these streets is Rs 350 per sq.ft, placing Kulakkarai street's 2024 figure above this median.

• Kundrathur main road: Rs 500 per sq.ft (2024)
• KR Garden Phase-II: Rs 400 per sq.ft (2024)
• KR Garden: Rs 250 per sq.ft (2024)
• Kasthuri Nagar: Rs 400 per sq.ft (2024)
• Karuneekar Nagar: Rs 250 per sq.ft (2024)
• Kanthapuri: Rs 400 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 400 per sq.ft, the total guideline value would be Rs 4,00,000. The stamp duty at 7% would amount to Rs 28,000, and the registration fee at 2% would be Rs 8,000, bringing the total fees to Rs 36,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Kulakkarai street?

The Sub Registrar Office that covers Kulakkarai street is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Somangalam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers should be aware that the guideline value is a standard reference point for property valuation in the area.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Kulakkarai street?

The current guideline value of Kulakkarai street is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen changes from Rs 400 per sq.ft in 2012, decreasing to Rs 268 per sq.ft in 2017, and then increasing back to Rs 400 per sq.ft in 2023 and 2024.

What is the land classification for Kulakkarai street?

Kulakkarai street is classified as Residential Special Type - I, indicating its intended use for residential purposes.

What are the other streets in Somangalam with their guideline values?

Other streets in Somangalam include Kundrathur main road at Rs 500 per sq.ft, KR Garden Phase-II and Kasthuri Nagar at Rs 400 per sq.ft, among others.

Where is the Sub Registrar Office for Kulakkarai street located?

The Sub Registrar Office for Kulakkarai street is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.