Guideline Value for Kanakadara Nagar 5th Cross Street

Kanakadara Nagar 5th Cross Street guideline value

The current guideline value of Kanakadara Nagar 5th 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 5th Cross Street has changed

The guideline value for Kanakadara Nagar 5th Cross Street has undergone several revisions over the years. The earliest recorded value was Rs 500 per sq.ft in 2007. This increased significantly to Rs 3,000 per sq.ft in 2012, marking a 500% rise. However, it then decreased to Rs 2,010 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase to Rs 3,000 per sq.ft in 2023, followed by another increase to the current rate of Rs 3,300 per sq.ft in 2024, reflecting a 10% rise.

Overall, from the 2007 revision to the 2024 revision, there has been a remarkable increase of 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 with a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, placing Kanakadara Nagar 5th Cross Street's 2024 figure below that median.

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

Stamp duty and registration fee for property in Kanakadara Nagar 5th 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 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kanakadara Nagar 5th Cross Street?

The Kanakadara Nagar 5th Cross Street falls under the jurisdiction of 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 property transactions in Valasaravakkam. It is used to determine the stamp duty and registration fees when buying or selling property. This ensures that the transaction is recorded accurately and that all applicable taxes are collected by the government.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kanakadara Nagar 5th Cross Street?

The current guideline value of Kanakadara Nagar 5th 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 increased from Rs 500 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 560% over the years.

What are the other streets in Valasaravakkam with the same guideline value?

Several other streets in Valasaravakkam also have a guideline value of Rs 3,300 per sq.ft in 2024, including Kanakadara Nagar 4th Cross Street, Kanakadara Nagar 3rd Street, and others.

Where is the Virugambakkam Sub Registrar Office located?

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

How is stamp duty calculated in relation to the guideline value?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the appropriate fees are collected during property transactions.