Guideline Value for KANNAKI STREET

Kannaki Street guideline value

The current guideline value of Kannaki Street in Vengathur village, under the Manavalanagar SRO, is Rs 700 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Kannaki Street has changed

Over the years, the guideline value of Kannaki Street has undergone several revisions. The earliest recorded revision was in 2007, where the value was Rs 125 per sq.ft. This figure increased significantly to Rs 700 per sq.ft in 2012, marking a substantial rise of 460%. However, between 2012 and 2017, the value decreased to Rs 469 per sq.ft, a decline of 33%. Following this, the guideline value rose to Rs 700 per sq.ft in 2023, maintaining the same value in the 2024 revision, reflecting no change between these two years.

The guideline value has seen an overall increase of 460% from the 2007 figure to the current 2024 value. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Vengathur

In Vengathur, there are 186 streets under the Manavalanagar SRO, with the 2024 guideline values ranging from Rs 500 to Rs 2,000 per sq.ft. The median value for these streets is Rs 1,000 per sq.ft, positioning Kannaki Street's current value below this median.

• Kanniayamman Koil Street: Rs 1,300 per sq.ft (2024)
• Kamban Street: Rs 600 per sq.ft (2024)
• Karikalan Street: Rs 1,300 per sq.ft (2024)
• K.A.Mathiazhagan Street: Rs 800 per sq.ft (2024)
• Kamaraj Street (Kabilar Nagar): Rs 1,300 per sq.ft (2024)
• Kamaraj Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Kannaki Street

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value amounts to Rs 7,00,000. The stamp duty at 7% would be Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total fees to Rs 63,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannaki Street?

Kannaki Street is covered by the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Vengathur. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This ensures that the government collects the appropriate fees based on the established value of the property.

During the registration process, the buyer must pay the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher. This mechanism helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Kannaki Street?

The current guideline value of Kannaki Street is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, starting from Rs 125 per sq.ft in 2007 to Rs 700 per sq.ft in 2012, then decreasing to Rs 469 per sq.ft in 2017, and returning to Rs 700 per sq.ft in 2023 and 2024.

What is the land classification for Kannaki Street?

Kannaki Street is classified as Residential Class II Type - I, which indicates its intended use for residential purposes.

What are the stamp duty and registration fees for property on Kannaki Street?

For a property valued at Rs 7,00,000, the stamp duty would be Rs 49,000 and the registration fee would be Rs 14,000, totaling Rs 63,000. These fees are based on the guideline value.

Which office handles registrations for Kannaki Street?

The Manavalanagar Sub Registrar Office handles registrations for Kannaki Street, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.