Guideline Value for Kakkan Colony 1st Street

Kakkan Colony 1st Street guideline value

The current guideline value of Kakkan Colony 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Kakkan Colony 1st Street has changed

The guideline value for Kakkan Colony 1st Street has seen several revisions over the years. The earliest recorded revision was in 2007, where the guideline value was Rs 1,200 per sq.ft. This figure increased significantly to Rs 5,000 per sq.ft in 2012, marking an increase of 317%. However, in 2017, the value decreased to Rs 3,350 per sq.ft, a drop of 33%. The most recent revision in 2023 set the value at Rs 5,000 per sq.ft, which then increased to Rs 5,500 per sq.ft in 2024, reflecting a rise of 10%.

There are no figures available for the years 2002 and 2003 for this street. Overall, from the 2007 revision to the current 2024 value, there has been a substantial increase of 358%.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Kakkan Colony 1st Street's 2024 figure below that median.

• Kakkan Colony: Rs 5,500 per sq.ft (2024)
• Kakkan Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• Kakkan Colony 3rd Street: Rs 5,500 per sq.ft (2024)
• Kakkan Colony 4th Street: Rs 5,500 per sq.ft (2024)
• Kakkan Colony 5th Street: Rs 5,500 per sq.ft (2024)
• Kakkan Colony 6th Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Kakkan Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total charges to Rs 4,95,000. It is important to note that 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 Kakkan Colony 1st Street?

The Kakkan Colony 1st Street is covered by the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar 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 Nungambakkam

The guideline value is a crucial factor in the registration process of property transactions in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees that are applicable when buying or selling property in the area.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kakkan Colony 1st Street?

The current guideline value of Kakkan Colony 1st Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 358%.

What are the stamp duty rates for property in Kakkan Colony 1st Street?

The stamp duty for property in Kakkan Colony 1st Street is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office covers Kakkan Colony 1st Street?

The Chennai Central Joint II Sub Registrar Office covers Kakkan Colony 1st Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018.

What is the land classification for Kakkan Colony 1st Street?

The land classification for Kakkan Colony 1st Street is Residential Class IV Type - II.