Guideline Value for Kakkan Street

Kakkan Street guideline value

The current guideline value of Kakkan Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Kakkan Street has changed

The Kakkan Street guideline value has undergone several revisions over the years. The earliest recorded figure is from 2017, which was Rs 1,340 per sq.ft. This figure then increased to Rs 2,000 per sq.ft in 2023, marking a significant rise of 49%. The latest revision in 2024 saw the value rise again by 10%, bringing it to Rs 2,200 per sq.ft. The register does not have figures for the years 2002, 2003, 2007, and 2012.

Overall, from 2017 to 2024, the guideline value has increased by 64%. The progression from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024 highlights a substantial change in the valuation of Kakkan Street over these years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, indicating that Kakkan Street's 2024 figure is below this median.

• Kakkan Street/Balaiah Garden: Rs 3,850 per sq.ft (2024)
• Kalaiamagal Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Kakkan-ji-Street: Rs 2,200 per sq.ft (2024)
• Kalaimagal Cross Street: Rs 2,750 per sq.ft (2024)
• Kalaimagal Nagar: Rs 2,750 per sq.ft (2024)
• Kalaimagal Nagar 1st Cross Street: Rs 2,750 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 Kakkan Street, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to 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 on fees applicable to property transactions.

Which Sub Registrar Office covers Kakkan Street?

The Kakkan Street is covered by 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 details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure compliance with registration requirements.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties in a transaction are paying the correct fees based on the established value of the property.

Frequently asked questions

What is the current guideline value of Kakkan Street?

The current guideline value of Kakkan Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, marking a total increase of 64% over the years.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,98,000.

Which office handles the registration of properties in Kakkan Street?

The Velacheri Sub Registrar Office handles the registration of properties in Kakkan Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification of Kakkan Street?

Kakkan Street falls under the Residential Class II Type - I land classification.