Guideline Value for Kakkan Colony 3rd Street

Kakkan Colony 3rd Street guideline value

The current guideline value of Kakkan Colony 3rd 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, classified as Residential Class IV Type - II.

How the guideline value of Kakkan Colony 3rd Street has changed

The guideline value for Kakkan Colony 3rd Street has seen several revisions over the years. In 2007, the value was Rs 1,200 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, it then decreased to Rs 3,350 per sq.ft in 2017. The value rose again to Rs 5,000 per sq.ft in 2023 and is currently Rs 5,500 per sq.ft as of the 2024 revision. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%, while the jump from 2023 to 2024 was 10%. Notably, the overall increase from 2007 to 2024 amounts to 358%, reflecting significant changes over the years.

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 value is Rs 8,800 per sq.ft, indicating that the 2024 guideline value of Kakkan Colony 3rd Street is below this median.

• Kakkan Colony 2nd Street: Rs 5,500 per sq.ft (2024)
• Kakkan Colony 4th Street: Rs 5,500 per sq.ft (2024)
• Kakkan Colony 1st Street: Rs 5,500 per sq.ft (2024)
• Kakkan Colony 5th Street: Rs 5,500 per sq.ft (2024)
• Kakkan Colony: 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to 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, making the total fees Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kakkan Colony 3rd Street?

The Kakkan Colony 3rd 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 information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Nungambakkam, the guideline value is used to calculate the stamp duty and registration fees, ensuring compliance with local regulations.

Additionally, the guideline value serves as a reference point for both buyers and sellers, helping to establish a fair basis for negotiations. It is essential 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 Kakkan Colony 3rd Street?

The current guideline value of Kakkan Colony 3rd 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, reflecting an overall increase of 358% over the years.

What is the registration office for Kakkan Colony 3rd Street?

The registration office for Kakkan Colony 3rd Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018.

What are the stamp duty rates applicable in Tamil Nadu?

The stamp duty for property transactions in Tamil Nadu is typically charged at 7% of the guideline value or the sale price, whichever is higher.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the minimum registration value and the applicable stamp duty and registration fees, ensuring compliance with legal requirements during the buying or selling process.