Guideline Value for KANNAGI NAGAR 1st STREET

KANNAGI NAGAR 1st STREET guideline value

The current guideline value of KANNAGI NAGAR 1st STREET is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam SRO, classified as Residential Class II Type - III.

How the guideline value of KANNAGI NAGAR 1st STREET has changed

The guideline value for KANNAGI NAGAR 1st STREET has undergone several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 600 per sq.ft. This increased significantly to Rs 2,300 per sq.ft in 2012, marking a change of +283%. The value remained unchanged at Rs 2,300 per sq.ft until the next revision in 2023, where it was updated to Rs 2,500 per sq.ft, reflecting a +9% increase.

As of the 2024 revision, the guideline value stands at Rs 2,500 per sq.ft. Overall, from 2007 to 2024, the guideline value has increased by +317%. Notably, there are no figures recorded for the years 2002, 2003, and 2017 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. KANNAGI NAGAR 1st STREET's 2024 guideline value is equal to this median.

• KANNAGI NAGAR 2nd STREET: Rs 2,500 per sq.ft (2024)
• KANNAGI NAGAR 3rd STREET: Rs 2,500 per sq.ft (2024)
• KANNAGI NAGAR 5th STREET: Rs 2,500 per sq.ft (2024)
• Kandigai Street: Rs 2,900 per sq.ft (2024)
• Kannamma Nagar: Rs 1,600 per sq.ft (2024)
• Kammalar Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in KANNAGI NAGAR 1st STREET

For a 1,000 sq.ft plot at the current rate of Rs 2,500 per sq.ft, the guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. Please note that duty is charged on the higher of the guideline value and the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers KANNAGI NAGAR 1st STREET?

The Sub Registrar Office that covers KANNAGI NAGAR 1st STREET is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process of property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property.

When a property is registered, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of KANNAGI NAGAR 1st STREET?

The current guideline value of KANNAGI NAGAR 1st STREET is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of +317% over the years.

What is the land classification for KANNAGI NAGAR 1st STREET?

KANNAGI NAGAR 1st STREET is classified as Residential Class II Type - III under the Villivakkam SRO.

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

Other streets in Korattur with a 2024 guideline value of Rs 2,500 per sq.ft include KANNAGI NAGAR 2nd STREET, KANNAGI NAGAR 3rd STREET, and KANNAGI NAGAR 5th STREET.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.