Guideline Value for Kanakadara Nagar 2nd Street

Kanakadara Nagar 2nd Street guideline value

The current guideline value of Kanakadara Nagar 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Kanakadara Nagar 2nd Street has changed

The guideline value for Kanakadara Nagar 2nd Street has undergone several revisions over the years. The earliest recorded revision is from 2007, where the guideline value was Rs 500 per sq.ft. This 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, a drop of 33%. The 2023 revision saw the value rise again to Rs 3,000 per sq.ft, and the most recent revision in 2024 has set the value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

In summary, from 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 560%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

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 Street is below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the 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 2nd Street?

The Sub Registrar Office covering Kanakadara Nagar 2nd 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 process when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price, which can affect the overall cost of the transaction.

Frequently asked questions

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

The current guideline value of Kanakadara Nagar 2nd 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 500 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting a total increase of 560% over the years.

What is the land classification for Kanakadara Nagar 2nd Street?

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

Where is the Sub Registrar Office located for property transactions?

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

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at the current guideline value would incur a total of Rs 2,97,000 in fees.