Guideline Value for Kanakadara Nagar 2nd Cross Street

Kanakadara Nagar 2nd Cross Street guideline value

The current guideline value of Kanakadara Nagar 2nd Cross 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 2nd Cross Street has changed

The guideline value for Kanakadara Nagar 2nd Cross Street has undergone several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a rise of 500%. However, the value then decreased to Rs 2,010 per sq.ft in 2017, reflecting a decline of 33%. The value saw a substantial increase to Rs 3,000 per sq.ft in 2023, followed by a further increase to Rs 3,300 per sq.ft in 2024, which is a 10% rise from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 560%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft, with a median value of Rs 3,850 per sq.ft. The guideline value of Kanakadara Nagar 2nd Cross Street is below this median.

• Kanakadara Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Kanakadara Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Kanakadara Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Kanakadara Nagar 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Kanakadara Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Kanakadara Nagar 4th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Kanakadara Nagar 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Kanakadara Nagar 2nd Cross Street?

The Sub Registrar Office that covers Kanakadara Nagar 2nd Cross 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 is a crucial factor in the registration of property transactions in Valasaravakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling a property, it is essential to be aware of the guideline value as it influences the overall costs involved in the transaction. Buyers should ensure that they are informed about the current guideline values to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Kanakadara Nagar 2nd Cross Street?

The current guideline value of Kanakadara Nagar 2nd Cross 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 seen several changes: from Rs 500 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, with various increases and one decrease in between.

What is the land classification for this street?

Kanakadara Nagar 2nd Cross Street is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for this area?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in this area?

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