Guideline Value for KANNAGI NAGAR 2nd STREET

KANNAGI NAGAR 2nd STREET guideline value

The current guideline value for KANNAGI NAGAR 2nd STREET is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Korattur village and falls under the Villivakkam SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of KANNAGI NAGAR 2nd STREET has changed

The guideline value for KANNAGI NAGAR 2nd STREET has undergone several revisions over the years. In 2007, the guideline value was Rs 600 per sq.ft, which increased significantly to Rs 2,300 per sq.ft in 2012, marking a 283% rise. However, it then decreased to Rs 1,541 per sq.ft in 2017, which was a decline of 33%. The value saw a substantial increase again in 2023, reaching Rs 2,300 per sq.ft, and then it rose to Rs 2,500 per sq.ft in 2024, reflecting a 9% increase.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 317%.

Guideline values in Korattur

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

• KANNAGI NAGAR 1st 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 2nd STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, making the total charges Rs 2,25,000. 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 detailed calculations.

Which Sub Registrar Office covers KANNAGI NAGAR 2nd STREET?

The KANNAGI NAGAR 2nd STREET falls under the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Korattur, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees applicable to the transaction.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the registration process. This helps in avoiding any potential disputes related to property valuation.

Frequently asked questions

What is the current guideline value of KANNAGI NAGAR 2nd STREET?

The current guideline value of KANNAGI NAGAR 2nd 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 2nd STREET?

KANNAGI NAGAR 2nd STREET is classified as Residential Class II Type - III.

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.

How is stamp duty calculated for properties in KANNAGI NAGAR 2nd STREET?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 at 7%.