Guideline Value for KANNAGI NAGAR 5TH STREET

Kannagi Nagar 5th Street guideline value

The current guideline value for Kannagi Nagar 5th Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class II Type - III.

How the guideline value of Kannagi Nagar 5th Street has changed

The guideline value for Kannagi Nagar 5th Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,300 per sq.ft, which decreased to Rs 1,541 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,300 per sq.ft in 2023, and then to Rs 2,500 per sq.ft in the 2024 revision, marking a 9% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has risen by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

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 value is Rs 2,500 per sq.ft, which is equal to the current guideline value for Kannagi Nagar 5th Street.

• KANNAGI NAGAR 3rd STREET: Rs 2,500 per sq.ft (2024)
• KANNAGI NAGAR 2nd 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 5th 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, totaling 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 the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Kannagi Nagar 5th Street?

The Sub Registrar Office that covers Kannagi Nagar 5th 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 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 you register a property, the guideline value is used to calculate the applicable fees, ensuring that both buyers and sellers comply with the legal requirements for property transactions in the area.

Frequently asked questions

What is the current guideline value for Kannagi Nagar 5th Street?

The current guideline value for Kannagi Nagar 5th 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 gone through several revisions, starting at Rs 2,300 per sq.ft in 2012, decreasing to Rs 1,541 per sq.ft in 2017, and then increasing to Rs 2,300 per sq.ft in 2023, followed by a rise to Rs 2,500 per sq.ft in 2024.

What is the land classification for Kannagi Nagar 5th Street?

Kannagi Nagar 5th Street is classified as Residential Class II Type - III under the Villivakkam SRO.

Where can I find the Sub Registrar Office for Kannagi Nagar 5th Street?

The Sub Registrar Office for Kannagi Nagar 5th Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Kannagi Nagar 5th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty and registration fees can be calculated accordingly.