Guideline Value for KANNIKOIL MEDU

Kannikoil Medu guideline value

The current guideline value of Kannikoil Medu is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village, under the Mylapore Sub Registrar Office (SRO), and is classified as Residential Class V Type - III.

How the guideline value of Kannikoil Medu has changed

The guideline value for Kannikoil Medu has seen significant changes over the years. In 2007, the guideline value was Rs 900 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012, marking a substantial rise of 233%. However, it then decreased to Rs 2,010 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, and finally to the current value of Rs 3,300 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the increase was 49%, and the overall change from 2007 to 2024 is a remarkable 267%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Mylapore

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

• Kannikoil Hut Area: Rs 4,900 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 Medu

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, leading to a total of Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Kannikoil Medu?

The Sub Registrar Office that covers Kannikoil Medu is 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 plays a crucial role when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value of the property, which is essential for calculating the applicable stamp duty and registration fees during the registration process.

When a property transaction occurs, the buyer and seller must consider the guideline value to ensure compliance with legal requirements. The registration office uses this value to assess the appropriate fees, ensuring that all transactions are conducted transparently and fairly.

Frequently asked questions

What is the current guideline value of Kannikoil Medu?

The current guideline value of Kannikoil Medu is Rs 3,300 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 900 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification of Kannikoil Medu?

Kannikoil Medu is classified as Residential Class V Type - III.

Where can I find the Sub Registrar Office for Kannikoil Medu?

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

How is stamp duty calculated for properties in Kannikoil Medu?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.