Guideline Value for Kakkan Street

Kakkan Street guideline value

The current guideline value of Kakkan Street is Rs 550 per sq.ft, effective from 1 July 2024. This street is located in Sholavaram village under the Redhills SRO, classified as Residential Class III Type - I.

How the guideline value of Kakkan Street has changed

The guideline value for Kakkan Street has undergone several revisions over the years. In 2007, the value was set at Rs 200 per sq.ft, which increased to Rs 500 per sq.ft in 2012. However, this figure dropped to Rs 335 per sq.ft in 2017. The most recent revisions show a significant increase, with the value rising to Rs 500 per sq.ft in 2023 and then to Rs 550 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 175%. The register does not contain figures for the years 2002 and 2003 for Kakkan Street.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft, with a median value of Rs 660 per sq.ft. Kakkan Street's 2024 guideline value of Rs 550 per sq.ft is below this median.

• Kamarajar Street: Rs 550 per sq.ft (2024)
• Kamaraj Nagar: Rs 770 per sq.ft (2024)
• Jai Sai Nagar: Rs 1,320 per sq.ft (2024)
• Indra Garden: Rs 770 per sq.ft (2024)
• Karunanidhi Street: Rs 550 per sq.ft (2024)
• Kathamba Nagar: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Kakkan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total charges to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kakkan Street?

The Sub Registrar Office that covers Kakkan Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Sholavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must pay stamp duty based on the higher value between the guideline value and the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kakkan Street?

The current guideline value of Kakkan Street is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 200 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, marking an overall increase of 175% over the years.

What are the stamp duty and registration fees for Kakkan Street?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total charges would amount to Rs 49,500.

Which office handles registrations for Kakkan Street?

The Redhills Sub Registrar Office handles registrations for Kakkan Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification of Kakkan Street?

Kakkan Street is classified as Residential Class III Type - I, indicating its suitability for residential development.