Guideline Value for KANNAGI STREET (WARD -5)

Kannagi Street (Ward -5) guideline value

The current guideline value of Kannagi Street (Ward -5) is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Sattamangalam village under the Chengleput Joint II SRO, and it is classified as Residential Special Type - V.

How the guideline value of Kannagi Street (Ward -5) has changed

The guideline value for Kannagi Street has seen several revisions over the years. In 2012, the value was set at Rs 1,200 per sq.ft, which then dropped to Rs 804 per sq.ft in 2017, representing a decrease of 33%. The value increased significantly to Rs 1,200 per sq.ft in 2023, and then rose again to Rs 1,320 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, when comparing the values from 2012 to 2024, there has been a net increase of 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Sattamangalam

In Sattamangalam village, there are 425 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 2,200 per sq.ft. The median guideline value in this area is Rs 1,100 per sq.ft, placing the 2024 guideline value of Kannagi Street (Ward -5) above this median.

• Kannaki Street (N): Rs 1,320 per sq.ft (2024)
• Kannadhasan Street (Ward -7): Rs 1,320 per sq.ft (2024)
• Kannadhasan 4th Street (Ward -8): Rs 1,320 per sq.ft (2024)
• Kannadasan Street (Ward -8): Rs 1,320 per sq.ft (2024)
• Kannadasan Street, 3rd Lane (Ward -7): Rs 1,320 per sq.ft (2024)
• Kannadasan Cross Street (Ward -8): Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Kannagi Street (Ward -5)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, making the total cost for these fees Rs 1,18,800. Please note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Kannagi Street (Ward -5)?

The Sub Registrar Office covering Kannagi Street (Ward -5) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value serves as a reference point for property transactions in Sattamangalam. When a property is sold, the buyer and seller must consider the guideline value for registration purposes, as it determines the applicable stamp duty and registration fees.

It is essential to note that the guideline value is set by the Registration Department and is updated periodically. Buyers should be aware that the final registration costs may vary based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Kannagi Street (Ward -5)?

The current guideline value of Kannagi Street (Ward -5) is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification of Kannagi Street (Ward -5)?

Kannagi Street (Ward -5) is classified as Residential Special Type - V, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, a 1,000 sq.ft property would incur a total fee of Rs 1,18,800 based on the current guideline value.

Where can I find the Sub Registrar Office for Kannagi Street (Ward -5)?

The Chengleput Joint II Sub Registrar Office covers Kannagi Street (Ward -5) and is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.