Guideline Value for KENNEDY NAGAR 1ST STREET

Kennedy Nagar 1st Street guideline value

The current guideline value of Kennedy Nagar 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO. The land classification for this area is Residential Class V Type - I.

How the guideline value of Kennedy Nagar 1st Street has changed

The guideline value for Kennedy Nagar 1st Street has undergone several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012, marking a 200% rise. However, the value then decreased to Rs 1,005 per sq.ft in 2017, a decline of 33%. The value saw a substantial increase to Rs 1,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

Notably, there are no figures available in the register for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 220%.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO, with guideline values ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, placing Kennedy Nagar 1st Street's 2024 figure below this median.

• Kennedy Nagar 2nd Street: Rs 1,600 per sq.ft (2024)
• Kennedy Nagar 3rd Street: Rs 1,600 per sq.ft (2024)
• Kennedy Nagar 4th Street: Rs 1,600 per sq.ft (2024)
• Kennedy Nagar 5th Street: Rs 1,600 per sq.ft (2024)
• Kennedy Nagar 6th Street: Rs 1,600 per sq.ft (2024)
• Kennedy Nagar(John Kennedy Nagar): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Kennedy Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty is charged at 7%, which totals Rs 1,12,000, and the registration fee at 2% amounts to Rs 32,000. Together, the total cost for stamp duty and registration fee is Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more specific calculations.

Which Sub Registrar Office covers Kennedy Nagar 1st Street?

The Sub Registrar Office that covers Kennedy Nagar 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value is a critical factor during the registration of property transactions in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. It is essential for buyers and sellers to be aware of the current guideline value to avoid disputes during the registration process.

Frequently asked questions

What is the current guideline value of Kennedy Nagar 1st Street?

The current guideline value of Kennedy Nagar 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 220% over the years.

What are the other streets with the same guideline value in Perambur?

Other streets in Perambur with the same guideline value of Rs 1,600 per sq.ft in 2024 include Kennedy Nagar 2nd Street, Kennedy Nagar 3rd Street, Kennedy Nagar 4th Street, Kennedy Nagar 5th Street, Kennedy Nagar 6th Street, and Kennedy Nagar(John Kennedy Nagar).

What is the registration office for Kennedy Nagar 1st Street?

The registration office for Kennedy Nagar 1st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Kennedy Nagar 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.