Guideline Value for Kakkan Nagar 1st Cross Street

Kakkan Nagar 1st Cross Street guideline value

The current guideline value of Kakkan Nagar 1st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Kakkan Nagar 1st Cross Street has changed

The guideline value for Kakkan Nagar 1st Cross Street has seen significant changes over the years. In the 2002 revision, the value was Rs 167 per sq.ft, which increased to Rs 188 per sq.ft in 2003. Following this, the value rose dramatically to Rs 1,500 per sq.ft in 2007, marking an increase of 698%. The 2012 revision saw the value hold steady at Rs 3,500 per sq.ft, but this dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%. The value then increased significantly to Rs 3,500 per sq.ft in 2023, and finally reached Rs 3,850 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 2205%. There are no figures available for the revisions of years not listed in the register for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value of Kakkan Nagar 1st Cross Street is below this median.

• Kakkan Nagar 1st Main Road: Rs 3,850 per sq.ft (2024)
• Kakkan Nagar 1st Main Road (Alias) Sasthri Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Kakkan Nagar 1st street: Rs 3,850 per sq.ft (2024)
• Kakkan Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Kakkan Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)
• Kakkan Nagar 2nd street: Rs 3,850 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, leading to a total of Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For further assistance, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kakkan Nagar 1st Cross Street?

The Sub Registrar Office covering Kakkan Nagar 1st Cross Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Velachery. It serves as a benchmark for calculating stamp duty and registration fees during the property registration process. Buyers and sellers must be aware of this value to ensure compliance with legal requirements during transactions.

When a property is registered, the guideline value or the sale price is considered, whichever is higher. This means that understanding the current guideline value is essential for both buyers and sellers to accurately assess their financial obligations during property transactions.

Frequently asked questions

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

The current guideline value of Kakkan Nagar 1st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 167 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, representing an overall increase of 2205% over this period.

What is the land classification for Kakkan Nagar 1st Cross Street?

Kakkan Nagar 1st Cross Street is classified as Residential Class II Type - III.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Where is the Sub Registrar Office for Kakkan Nagar 1st Cross Street located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.