Guideline Value for KAKANJI NAGAR

Kakanji Nagar guideline value

The current guideline value of Kakanji Nagar, located in Mylapore village under the Mylapore SRO, is Rs 8,800 per sq.ft, effective from 1 July 2024. This area falls under Residential Class III Type - III land classification.

How the guideline value of Kakanji Nagar has changed

The guideline value for Kakanji Nagar has seen several revisions over the years. In 2007, the value was Rs 1,750 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012, marking a substantial rise of 357%. However, the value decreased to Rs 5,360 per sq.ft in 2017, reflecting a drop of 33%. The next revision in 2023 saw a notable increase to Rs 8,000 per sq.ft, followed by the current value of Rs 8,800 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 403%. The changes between the revisions illustrate the fluctuations in property values over the years, with the most significant rise occurring between 2007 and 2012 and the most recent increase from 2023 to 2024.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. Kakanji Nagar's 2024 guideline value of Rs 8,800 per sq.ft is equal to the median value of this range.

• KAILASAPURAM 5TH STREET(Ranganathan Street): Rs 3,300 per sq.ft (2024)
• Kailasapuram 4th Street: Rs 3,300 per sq.ft (2024)
• Kailasapuram 3rd Street: Rs 3,300 per sq.ft (2024)
• Kailasapuram 2nd Street: Rs 3,300 per sq.ft (2024)
• Kailasapuram 1st Street: Rs 3,300 per sq.ft (2024)
• Kabali Thottam: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Kakanji Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, together totaling Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kakanji Nagar?

Kakanji Nagar is covered by the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Mylapore. It serves as a reference point for determining the stamp duty and registration fees applicable to the sale of property. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value helps in calculating the taxes owed based on the property's assessed worth. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction, making the process transparent and regulated.

Frequently asked questions

What is the current guideline value of Kakanji Nagar?

The current guideline value of Kakanji Nagar is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,750 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, showing an overall increase of 403% over the years.

What are the stamp duty and registration fees in Kakanji Nagar?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000, and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which office handles property registrations for Kakanji Nagar?

The Mylapore Sub Registrar Office handles property registrations for Kakanji Nagar, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What is the significance of the guideline value in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions, ensuring that the financial obligations are clear and regulated for both buyers and sellers.