Guideline Value for Kanakadara Nagar 1st Street

Kanakadara Nagar 1st Street guideline value

The current guideline value of Kanakadara Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village under the Virugambakkam SRO, classified as Residential Class II Type - II.

How the guideline value of Kanakadara Nagar 1st Street has changed

The guideline value for Kanakadara Nagar 1st Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,458 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012, marking a significant rise of 106%. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, reflecting a drop of 33%. The value then rose sharply to Rs 3,000 per sq.ft in 2023, a 49% increase. The latest revision in 2024 set the guideline value at Rs 3,300 per sq.ft, representing a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 126%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 3,850 per sq.ft, positioning Kanakadara Nagar 1st Street's 2024 figure below this median.

• Kanakadara Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Kanakadara Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Kanakadara Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Kanakadara Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Kanagathara nagar main road: Rs 3,300 per sq.ft (2024)
• Kanakadara Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Kanakadara Nagar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty, calculated at 7%, would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kanakadara Nagar 1st Street?

The Sub Registrar Office that covers Kanakadara Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process for property transactions in Valasaravakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers should be aware that the guideline value is often the basis for these calculations.

When registering a property, the higher value between the guideline value and the sale price is considered for calculating the applicable duties. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Kanakadara Nagar 1st Street?

The current guideline value of Kanakadara Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,458 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 126% over the years.

What is the land classification for Kanakadara Nagar 1st Street?

Kanakadara Nagar 1st Street is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for Kanakadara Nagar 1st Street?

The Virugambakkam Sub Registrar Office covers Kanakadara Nagar 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Kanakadara Nagar 1st Street?

Stamp duty is calculated based on the higher value between the guideline value and the sale price of the property. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at 7%.