Guideline Value for KANNAGI STREET

Kannagi Street guideline value

The current guideline value of Kannagi Street, located in Saidapet village, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Kannagi Street has changed

The guideline value for Kannagi Street has undergone several revisions over the years. In 2002, the value was Rs 756 per sq.ft, which increased to Rs 947 per sq.ft in 2003, marking a 25% rise. The value continued to grow, reaching Rs 1,100 per sq.ft in 2007, an increase of 16%. The next revision in 2012 saw a significant drop to Rs 4,000 per sq.ft, a decrease of 264%. However, this was followed by a rise to Rs 2,680 per sq.ft in 2017, which represented a 49% increase. The value further increased to Rs 4,000 per sq.ft in 2023, before reaching the current value of Rs 4,400 per sq.ft in 2024, reflecting a 10% increase.

The changes in the guideline value from 2002 to 2024 amount to an overall increase of 482%. There are no figures available for the revisions in years other than those specified.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is equal to the current guideline value of Kannagi Street.

• Kambar Street: Rs 5,500 per sq.ft (2024)
• Karaneeswarar Koil Street: Rs 5,500 per sq.ft (2024)
• Karunagaran Street: Rs 3,300 per sq.ft (2024)
• Kamarajar Street: Rs 4,400 per sq.ft (2024)
• Kavarai Street: Rs 4,950 per sq.ft (2024)
• Kaleeswarar Koil Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Kannagi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost would be Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kannagi Street?

The Sub Registrar Office that covers Kannagi Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property in Saidapet. It serves as a benchmark for determining the stamp duty and registration fees applicable to property transactions. Buyers and sellers should be aware that the guideline value is used to calculate these fees, ensuring that they are compliant with local regulations.

When purchasing or selling property, the guideline value helps in establishing a fair assessment of the property’s value for tax purposes. It is essential for both parties to understand the guideline value as it directly influences the financial obligations associated with the transaction.

Frequently asked questions

What is the current guideline value of Kannagi Street?

The current guideline value of Kannagi Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 756 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 482% across various revisions.

What is the classification of Kannagi Street?

Kannagi Street is classified as Residential Class II Type - II under the Chennai South Joint II SRO.

How is the stamp duty calculated for properties in Kannagi Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 3,08,000.

Where is the Sub Registrar Office for Kannagi Street located?

The Sub Registrar Office for Kannagi Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.