Guideline Value for Kannadapalayam Street

Kannadapalayam Street guideline value

The current guideline value of Kannadapalayam Street is Rs 200 per sq.ft, effective from 1 July 2024. This street is located in Mevaloorkuppam village and falls under the Sriperumpudur SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Kannadapalayam Street has changed

The guideline value for Kannadapalayam Street has undergone several revisions over the years. The 2012 revision set the value at Rs 200 per sq.ft, which remained unchanged until the 2017 revision, where it decreased by 33% to Rs 134 per sq.ft. The 2023 revision saw another decrease of 25%, bringing the value down to Rs 100 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

In the latest 2024 revision, the guideline value has increased by 100% to Rs 200 per sq.ft. Overall, from 2012 to 2024, the guideline value has remained the same, showing no net change despite the fluctuations in previous years.

Guideline values in Mevaloorkuppam

Within Mevaloorkuppam, there are 69 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 2,400 per sq.ft. The median guideline value for these streets is Rs 400 per sq.ft, indicating that Kannadapalayam Street's 2024 figure is below this median.

• Kalaignar Street: Rs 200 per sq.ft (2024)
• Kings Land: Rs 700 per sq.ft (2024)
• kingsland Extension: Rs 700 per sq.ft (2024)
• Kulakkarai Street: Rs 700 per sq.ft (2024)
• Kulanthaivelu Nagar: Rs 200 per sq.ft (2024)
• Madha Koil Street Nedunsalai: Rs 300 per sq.ft (2024)

Stamp duty and registration fee for property in Kannadapalayam Street

For a 1,000 sq.ft plot at the current rate of Rs 200 per sq.ft, the guideline value amounts to Rs 2,00,000. The stamp duty at 7% would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, totaling Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Kannadapalayam Street?

The Sub Registrar Office that covers Kannadapalayam Street is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Mevaloorkuppam. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory when registering a property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to determine the applicable fees, ensuring that both parties are aware of the financial obligations involved in the transaction. This helps maintain transparency and fairness in property dealings in the region.

Frequently asked questions

What is the current guideline value of Kannadapalayam Street?

The current guideline value of Kannadapalayam Street is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2012 to Rs 134 per sq.ft in 2017, then to Rs 100 per sq.ft in 2023, and finally back to Rs 200 per sq.ft in 2024.

What is the land classification for Kannadapalayam Street?

Kannadapalayam Street is classified as Residential Class IV Type - I according to the local land classification regulations.

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

The Sub Registrar Office for Kannadapalayam Street is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is stamp duty calculated for properties in Kannadapalayam Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 2,00,000, the stamp duty would be Rs 14,000 at 7%.