Guideline Value for KANNAGI NAGAR 3rd STREET

KANNAGI NAGAR 3rd STREET guideline value

The current guideline value of KANNAGI NAGAR 3rd 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 3rd STREET has changed

The guideline value for KANNAGI NAGAR 3rd STREET has seen 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 rise of 283%. However, between 2012 and 2017, the value decreased to Rs 1,541 per sq.ft, which is a reduction of 33%. The most recent revision in 2024 set the guideline value at Rs 2,500 per sq.ft, reflecting an increase of 62% from the 2017 figure.

It is important to note that there are no figures available for the years 2023, 2003, and 2002 for KANNAGI NAGAR 3rd 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 have a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with the median being Rs 2,500 per sq.ft. The guideline value for KANNAGI NAGAR 3rd STREET matches this median value.

• KANNAGI NAGAR 2nd STREET: Rs 2,500 per sq.ft (2024)
• Kannagi Nagar 5th Street: Rs 2,500 per sq.ft (2024)
• KANNAGI NAGAR 1st 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 3rd 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. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers KANNAGI NAGAR 3rd STREET?

The KANNAGI NAGAR 3rd 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 the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of KANNAGI NAGAR 3rd STREET?

The current guideline value of KANNAGI NAGAR 3rd 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 significantly, from Rs 600 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, which is an overall increase of 317%.

What is the land classification for KANNAGI NAGAR 3rd STREET?

KANNAGI NAGAR 3rd STREET is classified as Residential Class II Type - III.

Which Sub Registrar Office covers this street?

The Villivakkam Sub Registrar Office covers KANNAGI NAGAR 3rd STREET, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in KANNAGI NAGAR 3rd STREET?

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