Guideline Value for KANNAN NAGAR PHASE-1

Kannan Nagar Phase-1 guideline value

The current guideline value of Kannan Nagar Phase-1 is Rs 100 per sq.ft. This area is located in Vichoor village and falls under the Salavakkam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Kannan Nagar Phase-1 has changed

Since the 2012 revision, the guideline value for Kannan Nagar Phase-1 has shown a stable trend, remaining at Rs 100 per sq.ft in both the 2012 and 2024 revisions. The 2017 revision marked a decrease to Rs 67 per sq.ft, which was a 33% drop from the 2012 figure. However, it significantly increased by 49% to Rs 100 per sq.ft in the 2023 revision.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. The current guideline value reflects a consistent rate since 2023, with no change from the previous year.

Guideline values in Vichoor

In Vichoor, there are four streets under the Salavakkam SRO that have a 2024 guideline value ranging from Rs 100 to Rs 200 per sq.ft. The median guideline value for these streets is Rs 100 per sq.ft, which is the same as Kannan Nagar's current rate.

• Kannan Nagar: Rs 100 per sq.ft (2024)
• Pallar Greens: Rs 200 per sq.ft (2024)
• Rpg Sriman City: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Kannan Nagar Phase-1

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, totaling Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kannan Nagar Phase-1?

The Kannan Nagar Phase-1 area is covered by the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vichoor. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kannan Nagar Phase-1?

The current guideline value of Kannan Nagar Phase-1 is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained stable at Rs 100 per sq.ft since 2012, with a drop to Rs 67 per sq.ft in 2017, followed by an increase back to Rs 100 per sq.ft in 2023 and 2024.

Where can I find the registration office for Kannan Nagar Phase-1?

The registration office for Kannan Nagar Phase-1 is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

What are the stamp duty and registration fees for a property in Kannan Nagar Phase-1?

For a 1,000 sq.ft plot valued at Rs 1,00,000, the stamp duty would be Rs 7,000 and the registration fee would be Rs 2,000, totaling Rs 9,000.

What is the land classification for Kannan Nagar Phase-1?

The land classification for Kannan Nagar Phase-1 is Residential Class I Type - I, indicating its suitability for residential development.