Guideline Value for KANNAN NAGAR

Kannan Nagar guideline value

The current guideline value of Kannan Nagar, located in Kakkavakkam village under the Oothukkottai SRO, is Rs 100 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Kannan Nagar has changed

The guideline value for Kannan Nagar has undergone several revisions over the years. The earliest recorded revision was in 2017, when the guideline value was set at Rs 50 per sq.ft. This figure remained unchanged until the 2023 revision, which also recorded the guideline value at Rs 100 per sq.ft. The 2024 revision maintained this value at Rs 100 per sq.ft, indicating no change from the previous year. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 100%. The significant change occurred between 2017 and 2023, where the value doubled from Rs 50 per sq.ft to Rs 100 per sq.ft. The consistent value from 2023 to 2024 signifies stability in the guideline value for Kannan Nagar.

Guideline values in Kakkavakkam

Kannan Nagar is one of the streets in Kakkavakkam that has a recorded guideline value. The current guideline value for Kannan Nagar- Ext is also Rs 100 per sq.ft as of 2024. Below are other streets in Kakkavakkam under the Oothukkottai SRO:

• Kannan Nagar- Ext: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Kannan Nagar

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 charged at 7% would be Rs 7,000, while the registration fee at 2% would be Rs 2,000. Therefore, the total cost for these fees would be Rs 9,000. It is important to note that the stamp duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Kannan Nagar?

Kannan Nagar falls under the jurisdiction of the Oothukkottai Sub Registrar Office, which is located near the government hospital in Uthukottai, Chennai 602026. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Kakkavakkam. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal documentation. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline values in their respective areas, as these values can impact the overall cost of property transactions. Understanding the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Kannan Nagar?

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

How has the guideline value changed over the years?

The guideline value for Kannan Nagar has increased from Rs 50 per sq.ft in 2017 to Rs 100 per sq.ft in both 2023 and 2024. There were no figures recorded for the years 2002, 2003, 2007, and 2012.

What is the stamp duty rate for property in Kannan Nagar?

The stamp duty rate for property in Kannan Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Oothukkottai Sub Registrar Office located?

The Oothukkottai Sub Registrar Office is located near the government hospital in Uthukottai, Chennai 602026.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. These fees are based on the higher of the guideline value or the sale price, ensuring proper revenue collection for the government.