Guideline Value for Canal Street

Canal Street guideline value

The current guideline value of Canal Street, located in Triplicane village under the Triplicane SRO, is Rs 2,700 per sq.ft as per the 2024 revision, effective from 1 July 2024. The land classification for this area is Residential Special Type - V.

How the guideline value of Canal Street has changed

The guideline value for Canal Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following that, the value increased significantly to Rs 2,500 per sq.ft in 2023, and further to Rs 2,700 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007 for this street.

In terms of percentage changes, the value saw a decrease of 33% from 2012 to 2017, followed by a substantial increase of 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects an increase of 8%. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Triplicane

In Triplicane village, there are 415 streets that carry a 2024 guideline value ranging from Rs 2,700 to Rs 20,900 per sq.ft, with a median value of Rs 6,600 per sq.ft. Canal Street's guideline value of Rs 2,700 per sq.ft is below this median.

• Car Street (Theradi Street): Rs 8,800 per sq.ft (2024)
• Byramjung Bahadur Street: Rs 7,700 per sq.ft (2024)
• Byramjung Bahadur 2nd Street: Rs 7,700 per sq.ft (2024)
• Byramjung Bahadur 1st Street: Rs 7,700 per sq.ft (2024)
• Butchi Street (Butchi Babu Naidu Street): Rs 6,600 per sq.ft (2024)
• Burrah Sahib Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Canal Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees together to Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Canal Street?

The Sub Registrar Office that covers Canal Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Triplicane. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling a property, the guideline value is referenced to ascertain the minimum value for taxation purposes. This means that even if the sale price is lower than the guideline value, the duty will be calculated based on the guideline value.

Frequently asked questions

What is the current guideline value of Canal Street?

The current guideline value of Canal Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification for Canal Street?

The land classification for Canal Street is Residential Special Type - V.

What are the stamp duty and registration fees for properties on Canal Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 27,00,000, with a stamp duty of Rs 1,89,000 and a registration fee of Rs 54,000, totaling Rs 2,43,000.

Which office handles property registrations for Canal Street?

The Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014, handles property registrations for Canal Street.