Guideline Value for Kalaignar Nagar (Kannagi Street)

Kalaignar Nagar (Kannagi Street) guideline value

The current guideline value of Kalaignar Nagar (Kannagi Street) is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Parangimalai village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Kalaignar Nagar (Kannagi Street) has changed

The guideline value for Kalaignar Nagar (Kannagi Street) has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 256 per sq.ft. It increased to Rs 320 per sq.ft in 2003, marking a 25% change. The value then rose significantly to Rs 750 per sq.ft in 2007, reflecting a 134% increase. In 2012, the value was adjusted to Rs 2,500 per sq.ft, which was a 233% increase from the previous revision. However, the 2017 revision saw a decrease to Rs 1,675 per sq.ft, a drop of 33%.

From 2017 to 2023, the guideline value increased to Rs 2,500 per sq.ft, showing a 49% rise. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 974%. There are no figures available for any other years for this street.

Guideline values in Parangimalai

In Parangimalai village, there are 233 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median value of Rs 3,850 per sq.ft. The guideline value for Kalaignar Nagar (Kannagi Street) is below this median.

• Kalaignar Nagar Muthuranga Mudaliar: Rs 2,750 per sq.ft (2024)
• Kalaignar Nagar: Rs 2,750 per sq.ft (2024)
• Kaji Sayabu Street: Rs 3,850 per sq.ft (2024)
• Kadumbadi Amman Koil Street: Rs 2,750 per sq.ft (2024)
• Kamarajar Street: Rs 2,750 per sq.ft (2024)
• Jilani Sayabu Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kalaignar Nagar (Kannagi Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost together to Rs 2,47,500. 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 details.

Which Sub Registrar Office covers Kalaignar Nagar (Kannagi Street)?

The Sub Registrar Office that covers Kalaignar Nagar (Kannagi Street) is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property transactions in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to assess the applicable fees, which can vary based on the property's size and location. It is essential for both parties involved in the transaction to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Kalaignar Nagar (Kannagi Street)?

The current guideline value of Kalaignar Nagar (Kannagi Street) is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 256 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, showing an overall increase of 974% over the years.

What are the other streets in Parangimalai with their guideline values?

Other streets in Parangimalai include Kalaignar Nagar Muthuranga Mudaliar, Kaji Sayabu Street, Kadumbadi Amman Koil Street, Kamarajar Street, and Jilani Sayabu Street, with values ranging from Rs 2,750 to Rs 3,850 per sq.ft in 2024.

What is the registration office for Kalaignar Nagar (Kannagi Street)?

The registration office for Kalaignar Nagar (Kannagi Street) is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Kalaignar Nagar?

The stamp duty for properties in Kalaignar Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 1,92,500.