Guideline Value for KANNAGI STREET (WARD-21)

Kannagi Street (Ward-21) guideline value

The current guideline value of Kannagi Street (Ward-21) is Rs 660 per sq.ft, effective from 1 July 2024. This street is located in Thailavaram village and falls under the Chengleput Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Kannagi Street (Ward-21) has changed

The guideline value for Kannagi Street has undergone several revisions over the years. In 2012, the value was set at Rs 600 per sq.ft, which remained unchanged until the 2017 revision when it dropped to Rs 402 per sq.ft, marking a decrease of 33%. Following this, the value increased significantly to Rs 600 per sq.ft in 2023, and then further rose to Rs 660 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007.

Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%, with a substantial rise of 49% from 2017 to 2023. The current rate of Rs 660 per sq.ft is below the median value of Rs 770 per sq.ft for other streets in Thailavaram under the Chengleput Joint II SRO.

Guideline values in Thailavaram

In Thailavaram village, there are 132 streets under the Chengleput Joint II SRO that have a 2024 guideline value ranging from Rs 440 to Rs 2,200 per sq.ft. The median value for these streets is Rs 770 per sq.ft, and Kannagi Street's 2024 figure is below this median. The following are other streets in Thailavaram:

• Kannammal Street Narasimman Nagar (Ward -21): Rs 881 per sq.ft (2024)
• Kambar Street (Ward-21): Rs 660 per sq.ft (2024)
• Kambar Street (Ward-20): Rs 1,100 per sq.ft (2024)
• Kamatchi Nagar (Val): Rs 881 per sq.ft (2024)
• Karukkan Thoppu (Ward-21): Rs 660 per sq.ft (2024)
• Kamarajar Street (Ward-21): Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Kannagi Street (Ward-21)

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total cost of duty to Rs 59,400. 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 details.

Which Sub Registrar Office covers Kannagi Street (Ward-21)?

The Sub Registrar Office that covers Kannagi Street (Ward-21) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Thailavaram. It serves as a benchmark for determining the minimum value at which property transactions can be registered. This ensures that the government receives the appropriate stamp duty and registration fees based on the guideline value or the sale price, whichever is higher.

When a buyer or seller approaches the Sub Registrar Office, the guideline value will be used to calculate the applicable fees. Therefore, it is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Kannagi Street (Ward-21)?

The current guideline value of Kannagi Street (Ward-21) is Rs 660 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 2012 to Rs 402 per sq.ft in 2017, then to Rs 600 per sq.ft in 2023, and finally to Rs 660 per sq.ft in 2024. There are no figures available for the revisions in 2002, 2003, and 2007.

What is the land classification for Kannagi Street (Ward-21)?

Kannagi Street (Ward-21) is classified as Residential Class II Type - I. This classification affects the guideline value and potential uses of the land.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot at Rs 660 per sq.ft, the total stamp duty and registration fees would amount to Rs 59,400.

Where can I find the Sub Registrar Office for Kannagi Street (Ward-21)?

The Chengleput Joint II Sub Registrar Office covers Kannagi Street (Ward-21) and is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find more information by using the provided link.