Guideline Value for KANNILAL STREET

Kannilal Street guideline value

The current guideline value of Kannilal Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class V Type - II.

How the guideline value of Kannilal Street has changed

The guideline value of Kannilal Street has undergone several revisions over the years. In 2007, the value was Rs 900 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012. However, it then decreased to Rs 3,015 per sq.ft in 2017. The value rose again to Rs 4,500 per sq.ft in 2023 and is now Rs 4,900 per sq.ft as of the 2024 revision.

In terms of percentage changes, the value increased by 400% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then increased by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 9% increase. 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. The median value across these streets is Rs 8,800 per sq.ft, placing Kannilal Street's 2024 figure below this median.

• Kannikoil Pallam: Rs 3,300 per sq.ft (2024)
• Kannikoil Medu: Rs 3,300 per sq.ft (2024)
• Kannikoil Hut Area: 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 Kannilal Street

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 at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total fees to Rs 4,41,000. It is important to note that the 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 Kannilal Street?

The Sub Registrar Office that covers Kannilal Street 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 is a crucial factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kannilal Street?

The current guideline value of Kannilal Street 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 seen several revisions: it was Rs 900 per sq.ft in 2007, increased to Rs 4,500 in 2012, decreased to Rs 3,015 in 2017, and then increased to Rs 4,500 in 2023. The latest revision in 2024 set it at Rs 4,900 per sq.ft.

What is the land classification for Kannilal Street?

Kannilal Street is classified as Residential Class V Type - II, indicating its designation for residential use within the area.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where is the Sub Registrar Office for Kannilal Street located?

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