Guideline Value for Kannadasan Street

Kannadasan Street guideline value

The current guideline value of Kannadasan Street is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Kannadasan Street has changed

The guideline value for Kannadasan Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,800 per sq.ft, which was then reduced to Rs 1,876 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,800 per sq.ft. The most recent revision in 2024 has raised the guideline value to Rs 3,100 per sq.ft, marking an increase of 11% from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. The significant changes include a 49% increase from 2017 to 2023 and a decrease of 33% from 2012 to 2017. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are a total of 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, which is the same as the guideline value for Kannadasan Street.

• Kannadasan Nagar 6st Street: Rs 3,100 per sq.ft (2024)
• Kannadasan Nagar 5st Street: Rs 3,100 per sq.ft (2024)
• Kannadasan Nagar 4st Street: Rs 3,100 per sq.ft (2024)
• Kannadasan Nagar 3st Street: Rs 3,100 per sq.ft (2024)
• Kannadasan Nagar 2st Street: Rs 3,100 per sq.ft (2024)
• Kannadasan Nagar 1st Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Kannadasan Street

For a 1,000 sq.ft plot at the current rate of Rs 3,100 per sq.ft, the guideline value amounts to Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, totaling Rs 2,79,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Kannadasan Street?

The Sub Registrar Office that covers Kannadasan Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ramapuram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Kannadasan Street?

The current guideline value of Kannadasan Street is Rs 3,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2012 to Rs 1,876 per sq.ft in 2017, then back to Rs 2,800 per sq.ft in 2023, and finally to Rs 3,100 per sq.ft in 2024.

What is the land classification for Kannadasan Street?

Kannadasan Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

What is the registration office for Kannadasan Street?

The registration office for Kannadasan Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in Ramapuram?

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 31,00,000, the stamp duty at 7% would be Rs 2,17,000.