Guideline Value for KENNADY 1ST STREET

Kennady 1st Street guideline value

The current guideline value for Kennady 1st Street is Rs 8,800 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 III Type - III.

How the guideline value of Kennady 1st Street has changed

The guideline value for Kennady 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 8,000 per sq.ft, which was then reduced to Rs 5,360 per sq.ft in the 2017 revision. Following that, the value increased significantly to Rs 8,000 per sq.ft in the 2023 revision, and finally, it rose to Rs 8,800 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register shows no figures for Kennady 1st Street in the years 2002, 2003, and 2007.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, which is the same as the current value for Kennady 1st Street.

• Kennedy 2nd Street: Rs 8,800 per sq.ft (2024)
• Kesavaperumal Koil Sannadi South / Arisikkaran Street: Rs 8,800 per sq.ft (2024)
• Kesavaperumal Koil Sannadi Street: Rs 8,800 per sq.ft (2024)
• Kesavaperumal Koil Sannadi West Street: Rs 8,800 per sq.ft (2024)
• Kesavaperumalpuram Central Avenue: Rs 16,500 per sq.ft (2024)
• Kesavaperumalpuram Crescent Avenue: Rs 16,500 per sq.ft (2024)

Stamp duty and registration fee for property in Kennady 1st Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kennady 1st Street?

The Sub Registrar Office that covers Kennady 1st 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 when it comes to the registration of property transactions in Mylapore. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps establish a fair price for the transaction. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Kennady 1st Street?

The current guideline value of Kennady 1st Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 8,000 per sq.ft in 2012 to Rs 5,360 per sq.ft in 2017, then to Rs 8,000 per sq.ft in 2023, and finally to Rs 8,800 per sq.ft in 2024.

What is the land classification for Kennady 1st Street?

Kennady 1st Street is classified as Residential Class III Type - III.

How is stamp duty calculated for properties on Kennady 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 at 7%.

Where is the Sub Registrar Office for Kennady 1st Street located?

The Sub Registrar Office covering Kennady 1st Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.