Guideline Value for KANNAGI STREET

Kannagi Street guideline value

The current guideline value of Kannagi Street in Nanmangalam village is Rs 1,960 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Kannagi Street has changed

The guideline value for Kannagi Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which then decreased to Rs 1,206 per sq.ft in the 2017 revision. However, the value saw a significant increase in the following revisions, with the 2023 revision at Rs 1,800 per sq.ft, followed by the current 2024 revision at Rs 1,960 per sq.ft, marking a 9% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 9%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Nanmangalam

Nanmangalam village has a total of 139 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,960 to Rs 3,850 per sq.ft as of 2024. The median value for these streets is Rs 2,750 per sq.ft, placing Kannagi Street's current value below this median.

• Kannappanayakkar Street: Rs 2,750 per sq.ft (2024)
• Kannappan Street: Rs 2,750 per sq.ft (2024)
• Kambar Street: Rs 1,960 per sq.ft (2024)
• Karunai Sekaran 1 To 3 Streets: Rs 1,980 per sq.ft (2024)
• Karunai Sekaran Nagar: Rs 1,980 per sq.ft (2024)
• Kavingar Kannadasan Street: Rs 2,750 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 1,960 per sq.ft, the total guideline value amounts to Rs 19,60,000. The stamp duty, charged at 7%, would be Rs 1,37,200, while the registration fee at 2% would be Rs 39,200. Together, the total fees would amount to Rs 1,76,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannagi Street?

The Sub Registrar Office that covers Kannagi Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nanmangalam. It serves as a benchmark for determining the minimum price at which property transactions can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the transaction is recorded accurately and reflects the true value of the property.

Frequently asked questions

What is the current guideline value of Kannagi Street?

The current guideline value of Kannagi Street is Rs 1,960 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then back to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,960 per sq.ft in 2024.

What is the land classification of Kannagi Street?

Kannagi Street is classified as Residential Class II Type - I under the Pallavaram SRO.

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

The Sub Registrar Office for Kannagi Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for property in Kannagi Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 19,60,000, the stamp duty would be Rs 1,37,200 at a rate of 7%.