Guideline Value for Kakkan Nagar 3rd street

Kakkan Nagar 3rd street guideline value

The current guideline value of Kakkan Nagar 3rd 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 3rd street has changed

The guideline value for Kakkan Nagar 3rd street has undergone several revisions over the years. The earliest figure recorded is from 2002, which was Rs 167 per sq.ft. This increased to Rs 188 per sq.ft in 2003, marking a 13% rise. Following this, the value saw a significant jump to Rs 1,500 per sq.ft in 2007, which is an increase of 698%. In 2012, the value was recorded again at Rs 3,500 per sq.ft, reflecting a decrease of 33% from the previous revision. The next revision in 2017 saw the value rise to Rs 2,345 per sq.ft, a 49% increase. The most recent revisions include Rs 3,500 per sq.ft in 2023, and the current rate of Rs 3,850 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that the register does not have any figures for the years between these revisions. Overall, from 2002 to 2024, the guideline value has increased by 2205%.

Guideline values in Velachery

In Velachery village, 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. The median value for these streets is Rs 4,400 per sq.ft, indicating that the guideline value for Kakkan Nagar 3rd street is below this median.

• Kakkan Nagar 3rd Main Road: Rs 3,850 per sq.ft (2024)
• Kakkan Nagar 4th Cross Street: Rs 3,850 per sq.ft (2024)
• Kakkan Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Kakkan Nagar 4th Main Road: Rs 3,850 per sq.ft (2024)
• Kakkan Nagar 2nd street: Rs 3,850 per sq.ft (2024)
• Kakkan Nagar 4th street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kakkan Nagar 3rd 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 at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together to Rs 3,46,500. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Kakkan Nagar 3rd street?

The Kakkan Nagar 3rd street falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more details, you can find your SRO.

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

The guideline value is an essential factor when registering a property in Velachery. It serves as a benchmark for calculating the stamp duty and registration fees that buyers and sellers must pay during the transaction process.

When a property is sold, the guideline value is used to determine the minimum value on which the stamp duty is calculated. This ensures that the government receives the appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Kakkan Nagar 3rd street?

The current guideline value of Kakkan Nagar 3rd 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 changed significantly from Rs 167 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, with various increases and decreases at different intervals.

What is the land classification for Kakkan Nagar 3rd street?

Kakkan Nagar 3rd street is classified as Residential Class II Type - III.

What are the stamp duty and registration fees for property transactions?

For a 1,000 sq.ft plot at the current guideline value, the total 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 Velacheri Sub Registrar Office located?

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