Guideline Value for Kakkan Nagar 2nd street

Kakkan Nagar 2nd street guideline value

The current guideline value of Kakkan Nagar 2nd street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Kakkan Nagar 2nd street has changed

The guideline value for Kakkan Nagar 2nd street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 167 per sq.ft. This value increased significantly to Rs 188 per sq.ft in 2003, marking a rise of 13%. Following this, the value saw a substantial increase of 698% to reach Rs 1,500 per sq.ft in 2007. However, from 2007 to 2012, the value decreased by 33% to Rs 3,500 per sq.ft. The 2017 revision saw another increase, bringing the value to Rs 2,345 per sq.ft, which was a 49% rise from the previous figure. In 2023, the value was revised to Rs 3,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 3,850 per sq.ft, reflecting a 10% increase.

There are no figures available for the years between 2002 and 2007, as well as between 2012 and 2017 for Kakkan Nagar 2nd street. Overall, from 2002 to 2024, the guideline value has increased by 2205%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft as of 2024. The median guideline value in this area is Rs 4,400 per sq.ft, which indicates that Kakkan Nagar 2nd street's 2024 figure is below this median.

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

Stamp duty and registration fee for property in Kakkan Nagar 2nd street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty, charged at 7%, would be Rs 2,69,500, while the registration fee at 2% would be Rs 77,000. Together, the total cost for stamp duty and registration fee would be Rs 3,46,500. Please 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 Nagar 2nd street?

The Sub Registrar Office that covers Kakkan Nagar 2nd 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 plays a crucial role during property registration in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. When a buyer or seller engages in a transaction, the registration office uses the guideline value to calculate applicable fees and taxes.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with local regulations. This value can affect the overall cost of the transaction, including stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Kakkan Nagar 2nd street?

The current guideline value of Kakkan Nagar 2nd street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much 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, marking an overall increase of 2205% over this period.

What are the stamp duty and registration fees for properties in Kakkan Nagar 2nd street?

For a 1,000 sq.ft plot, the total guideline value is Rs 38,50,000. The stamp duty at 7% amounts to Rs 2,69,500, and the registration fee at 2% amounts to Rs 77,000, totaling Rs 3,46,500.

Which office handles property registrations for Kakkan Nagar 2nd street?

The Velacheri Sub Registrar Office handles property registrations for Kakkan Nagar 2nd street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value determined for properties in Velachery?

The guideline value is determined by the Registration Department's guideline value register and is based on various factors, including land classification and location. It is revised periodically to reflect changes in the real estate market.