Guideline Value for Kakkan Colony 2nd Street

Kakkan Colony 2nd Street guideline value

The current guideline value of Kakkan Colony 2nd 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 2nd Street has changed

The guideline value for Kakkan Colony 2nd Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,200 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, this figure dropped to Rs 3,350 per sq.ft in 2017. The subsequent revisions saw the value rise to Rs 5,000 per sq.ft in 2023 and further to Rs 5,500 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 358%. Notably, there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, 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 2nd Street's 2024 figure below the median.

• Kakkan Colony 1st Street: Rs 5,500 per sq.ft (2024)
• Kakkan Colony 3rd Street: Rs 5,500 per sq.ft (2024)
• Kakkan Colony: 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 2nd 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 amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kakkan Colony 2nd Street?

The Kakkan Colony 2nd Street falls under 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 details.

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

The guideline value is a crucial metric used during property registration in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable when a property is bought or sold.

When a property transaction occurs, the guideline value helps ensure that the registration fees reflect the true value of the property. This process aids in maintaining transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value for Kakkan Colony 2nd Street?

The current guideline value for Kakkan Colony 2nd 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 increased from Rs 1,200 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, showing an overall increase of 358% over the years.

What is the median guideline value for streets in Nungambakkam?

The median guideline value for streets in Nungambakkam is Rs 8,800 per sq.ft, which is higher than the current guideline value of Kakkan Colony 2nd Street.

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

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Where can I find the Sub Registrar Office for Kakkan Colony 2nd Street?

The Sub Registrar Office covering Kakkan Colony 2nd Street is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, crescent Street Alwarpet, Chennai -600018.