Guideline Value for KANNIKOIL HUT AREA

Kannikoil Hut Area guideline value

The current guideline value for Kannikoil Hut Area is Rs 4,900 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class V Type - II.

How the guideline value of Kannikoil Hut Area has changed

The guideline value for Kannikoil Hut Area has seen several revisions over the years. In 2002, the value was Rs 959 per sq.ft, which increased to Rs 1,066 per sq.ft in 2003, marking an increase of 11%. By 2007, the value rose significantly to Rs 1,200 per sq.ft, reflecting a 13% increase. In 2012, the value reached Rs 4,500 per sq.ft, showing a substantial increase of 275%. However, this was followed by a decrease of 33% in 2017, bringing the value down to Rs 3,015 per sq.ft. The value then increased by 49% to Rs 4,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 4,900 per sq.ft, representing a 9% increase.

There are no figures available for the revisions from the years not listed in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 411%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value for Kannikoil Hut Area is below this median.

• Kannikoil Medu: Rs 3,300 per sq.ft (2024)
• Kannikoil Pallam: Rs 3,300 per sq.ft (2024)
• Kannilal Street: Rs 4,900 per sq.ft (2024)
• Karaneeswarar Koil 1st Lane: Rs 9,300 per sq.ft (2024)
• Karaneewarar Koil 2nd Lane: Rs 9,300 per sq.ft (2024)
• Karaneewarar Koil 3rd Lane: Rs 9,300 per sq.ft (2024)

Stamp duty and registration fee for property in Kannikoil Hut Area

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty, charged at 7%, would be Rs 3,43,000, while the registration fee at 2% would amount to Rs 98,000. Together, the total cost for these fees would be Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kannikoil Hut Area?

The Kannikoil Hut Area is covered by the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Mylapore, as it determines the amount of stamp duty and registration fees payable at the time of registration. Buyers and sellers must consider the guideline value to ensure compliance with the legal requirements during the transaction process.

When a property is bought or sold, the guideline value serves as a benchmark for the transaction value. It is essential to note that the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Kannikoil Hut Area?

The current guideline value for Kannikoil Hut Area is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 959 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, showing an overall increase of 411% over this period.

What is the land classification for Kannikoil Hut Area?

Kannikoil Hut Area is classified as Residential Class V Type - II, indicating its designation for residential purposes.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How is the stamp duty calculated for properties in Kannikoil Hut Area?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 3,43,000.