Guideline Value for Kannabiran Street

Kannabiran Street guideline value

The current guideline value of Kannabiran Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Kannabiran Street has changed

The guideline value for Kannabiran Street has undergone several revisions over the years. In 2002, the guideline value was Rs 311 per sq.ft, which increased to Rs 349 per sq.ft in 2003, marking a rise of 12%. The value then saw a significant jump to Rs 1,500 per sq.ft in 2007, an increase of 330%. Following this, the 2012 revision set the value at Rs 3,500 per sq.ft, reflecting a 133% increase from the previous revision. However, the 2017 revision saw a decrease to Rs 2,345 per sq.ft, which was a decline of 33%. The most recent revision in 2024 has brought the guideline value back up to Rs 3,850 per sq.ft, representing a 64% increase from 2017. The register has no figure for this street in 2023.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, and Kannabiran Street's 2024 figure is below this median.

• Kannagi Street: Rs 3,850 per sq.ft (2024)
• Kannagi Street Lane I: Rs 3,850 per sq.ft (2024)
• Kannagi Street Lane II: Rs 3,850 per sq.ft (2024)
• Kannagi Street Lane III: Rs 3,850 per sq.ft (2024)
• Kannagi Street Lane IV: Rs 3,850 per sq.ft (2024)
• Kannagi Street Lane V: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Kannabiran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kannabiran Street?

The Sub Registrar Office that covers Kannabiran Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Velachery. It serves as the basis for calculating stamp duty and registration fees, which are essential costs that buyers and sellers must consider during a transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Kannabiran Street?

The current guideline value of Kannabiran Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 311 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 1138% over the years.

What is the land classification for Kannabiran Street?

Kannabiran Street is classified as Residential Class II Type - III, indicating its designation for residential use within the area.

Where can I find the Sub Registrar Office for Kannabiran Street?

The Velacheri Sub Registrar Office, which covers Kannabiran Street, is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Kannabiran Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 38,50,000 would incur a stamp duty of Rs 2,69,500 at a rate of 7%.