Guideline Value for KENNEDY NAGAR 2ND STREET

Kennedy Nagar 2nd Street guideline value

The current guideline value of Kennedy Nagar 2nd Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class V Type - I.

How the guideline value of Kennedy Nagar 2nd Street has changed

The guideline value for Kennedy Nagar 2nd Street has seen several revisions over the years. The earliest recorded figure was Rs 500 per sq.ft in 2007, which increased significantly to Rs 1,500 per sq.ft in 2012, marking a 200% increase. However, it then decreased to Rs 1,005 per sq.ft in 2017, reflecting a decline of 33%. The value rose again to Rs 1,500 per sq.ft in 2023, and currently stands at Rs 1,600 per sq.ft as of the 2024 revision, representing a 7% increase from the previous year.

There are no figures available for the years 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 a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, indicating that Kennedy Nagar 2nd Street's 2024 guideline value is below the median.

• Kennedy Nagar 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, while the registration fee at 2% would be Rs 32,000, making the total cost for these fees 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 assistance.

Which Sub Registrar Office covers Kennedy Nagar 2nd Street?

The Sub Registrar Office that covers Kennedy Nagar 2nd 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 plays a crucial role in the registration process when buying or selling property in Perambur. It is used to determine the stamp duty and registration fees applicable on the transaction, ensuring that the fees are calculated based on a standardized value set by the government.

When a property is sold, the guideline value is taken into account to ensure that the transaction is recorded accurately. This helps in maintaining transparency in property dealings and ensures that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Kennedy Nagar 2nd Street?

The current guideline value of Kennedy Nagar 2nd 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, marking an overall increase of 220% over this period.

What is the land classification for Kennedy Nagar 2nd Street?

Kennedy Nagar 2nd Street is classified as Residential Class V Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 and the registration fee would be Rs 32,000, totaling Rs 1,44,000 for these fees.

Which office handles registrations for Kennedy Nagar 2nd Street?

The Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, handles registrations for Kennedy Nagar 2nd Street.